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Season 1Episode 72:31

Your first spot trade: from 100 to 0.002 BTC

In this lesson Complete a practice spot buy with a clear amount, quantity and fee.

Key takeaways

  1. BTC/USDT means bitcoin priced in USDT: you pay USDT and receive bitcoin.

  2. Check whether the order box wants an amount of money or a number of coins.

  3. After you buy, check the trade record: fill status, average price and fee.

Quick check

You buy 0.002 BTC at 50,000 with a 0.1% fee taken separately in USDT. What is the total spent?

Try it yourself

With a virtual balance of 1,000, buy 0.002 BTC. Check the remaining USDT balance of 899.90 and the trade record.

Show the answer

Amount 100, fee 0.10, total spent 100.10; 899.90 left.

Transcript

  1. Sam

    This slash. Do I have to buy both coins?

  2. Nexubo

    No. It means bitcoin is priced in USDT. When you buy, you pay USDT and get bitcoin. When you sell, it goes the other way.

  3. Narrator

    We practise with a virtual account. Make sure it's spot, not futures. Pick the pair, choose Buy, then enter the amount. Before you submit, check whether the box wants an amount of money or a number of coins.

  4. Nexubo

    Say the fill price is 50,000 and you spend 100. You get 0.002 bitcoin. Now assume a 0.1% fee taken separately from your USDT. You spend 100.10 in total. Real rules depend on the platform.

  5. Sam

    So once I tap Buy, I definitely have the coins?

  6. Nexubo

    Check the trade history too. Not filled, partly filled and fully filled are different. Check the real average price and the fee as well.

  7. Narrator

    Your first practice isn't about guessing up or down. It's about checking these five things. And when you're done, it's fine to not make a real trade yet.

  8. Nexubo

    When you're ready for a real first trade, open Bitget through our partner link. Code nexu888 gets part of your trading fees back. Same five checks, every time.

  9. Narrator

    Say the price rises and you sell. So why is your bank balance still the same? Next episode.

  10. Narrator

    Understand first, then act.