In the previous part of this article, we have explained how new users can create an account in the MEXC exchange, and how they can set up various security parameters and perform deposit, withdrawal, and transfer of assets.
In this part, we will describe how you can buy crypto using your bank cards or place P2P orders on the MEXC exchange.
A user account in any exchange generally has various sub-accounts. Therefore, different accounts help you manage your funds conveniently. You will find below account types below under the Account section.
Spot Account And Spot Trading
Moreover, the spot is the main account of the user. Whenever a user needs to deposit or withdraw assets, then they can do it through their spot account.
As said, you can visualize your assets on the spot account (see screenshot below).
Therefore, using spot trading, users can buy/sell assets at market price. Here also, you will find three different options:
- Limit- Buy/sell at a specific price
- Market- Buy/sell at the current market price
- Stop-Limit- Buy/sell at a limit price once the specific price is achieved
Then, you can select the token pair that you wish to trade from the Market tab. Next, you need to go to the buy or sell section and enter the number of tokens that you wish to buy/sell.
Confirm the trade, and your assets will be visible in your spot account.
Fiat Account And Fiat Trading
Fiat trading means trading done via P2P orders. If users wish to buy/ sell assets through P2P, then they have to do it via the Fiat account.
For example, if you want to sell some assets through P2P, then you have to first move the assets to the fiat account.
Similarly, if you buy assets via P2P, then the assets will be moved to your fiat account first. You can later transfer it to your spot account to place any market orders.
Margin Account And Margin Trading
To do margin trading, users need to create a Margin account. After account creation, they can transfer assets from their spot account to the margin account. In margin trading, users can borrow assets from the crypto market and trade with them.
Below are the basic steps that users need to follow to perform margin trading:
- Activate Margin account
- Transfer assets from your Spot account to the Margin account
- Borrow assets from market
- Place a margin trade (Buy/Long or Sell Short)
- Repayment of a borrowed asset
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Futures Account And Futures Trading
Futures trading allows traders to speculate on the future price of a cryptocurrency without actually holding it. It is mainly suited for experienced users. If you are a new user, we recommend you do proper research and risk assessment before trading.
To perform futures trading, you need to create a futures account first.
Below are the basic steps to perform future trading:
- Activate your Futures account
- Select the contract type and pair you want to trade- USDT-based contracts are denominated and settled in USDT. And Coin-based contracts are denominated and settled in a specific coin (BTC, ETH)
- Set your Margin Mode (Isolated, Cross)
- Transfer supported assets from your spot account to your Futures account
- Select appropriate leverage for your futures contract.
- Place orders according to the different order types available on the MEXC Futures contract.
The Market tab lists the various asset markets where users can trade. It is further categorized into different subsections like Spot, future, and margin markets.
From here also, you can go to the different order tabs of a token. For example, the above screenshot shows the market available for spot trading. If you click on the Trade button, it will redirect you to the market order tab where you can place current market orders.
Buy Crypto on MEXC Exchange
The MEXC Exchange allows users to buy assets via P2P orders and debit/credit cards. However, users need to undergo the KYC verification process.
1) Credit/ Debit Card
MEXC users can buy crypto using their credit/debit cards. The buying facility is through third-party service providers like Simplex.
Therefore, to buy, users need to first select their local currency, and the amount they wish to spend on buying. Next, select the asset that you want to buy, and confirm the order. Then, you will now be redirected to the third-party service provider portal (Simplex). Next, you need to provide your personal and billing address (card details).
Confirm the process and your assets will be in your spot account.
2) P2P Order
Users can place P2P orders from the MEXC exchange. For placing a P2P order, users need to first choose what kind of order they want to place i.e buy or sell order. Next, they need to select the token and local currency.
You can see the list of sellers to whom you can sell assets. For each seller, you can see their completion rate (check this parameter mandatorily as it shows how many transactions they have completed successfully), local currency and asset limit, conversion rate, and payment methods sellers will accept.
Then, once you have checked the above-mentioned parameters and finalized your seller. Therefore, you need to click on the Buy button against him.
But before that, you also need to set your collection method details by going to the OTC setting section.
Then, fill in the above details, and save it. Your collection method will be there immediately (see screenshot below).
Next, once you have saved your collection details, you can place your P2P order with a seller (see the below screenshot).
Be very careful while placing a P2P order and do not release your token until your receive your local currency (for a sell order). We suggest you read the P2P guidelines of the exchange carefully.
In the final part of this article, we will explain the various earn features supported by the MEXC exchange.
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