Whats the difference between Bid & Ask price in a Crypto Exchange
What's the difference between the Ask price and the Bid price in a Cryptocurrency Exchange.
When I first started trading Crypto on exchanges I got a little bit confused each time I want to sell or buy a coin cos I didn't actually get what Ask and Bid meant.
However, after doing my due diligence and clearing the confusion,I now know what these two terms mean and I think it would be an awsome idea to share it with you guys in case some of you dont know what it means.However, after doing my due diligence and clearing the confusion,I now know what these two terms mean and I think it would be an awsome idea to share it with you guys in case some of you dont know what it means.
Ask price
This is the price which the owner of the coins or token is willing to sell .for eg if you want to know the list of sellers and the different prices they are willing to sell their coins,you have to go to the Ask order book on your Crypto exchange and you all the sell wall information you need.This is the price which the owner of the coins or token is willing to sell .for eg if you want to know the list of sellers and the different prices they are willing to sell their coins,you have to go to the Ask order book on your Crypto exchange and you all the sell wall information you need.
Bid price
This is the exact opposite of ask price.This is the exact opposite of ask price.
This is the price a buyer is willing to pay for a coin or token .This is also reflected on the bid order book in any Crypto exchange.
It is also advicable to sell your coins by going through the bid order book and pick the order from the highest bidder at that moment. That way,you will make the most out of your trade.It is also advicable to sell your coins by going through the bid order book and pick the order from the highest bidder at that moment. That way,you will make the most out of your trade.
I hope this little tip has been helpful to you
