This is a wallet on a cryptocurrency exchange designed for storing assets available for instant trading at current market prices.
What is a spot wallet?
A Spot Wallet is a section on a cryptocurrency exchange where your assets available for immediate purchase or sale are stored. It is used for spot trading, meaning transactions that are made at the current market price without delays or leverage.
Main characteristics of the spot wallet
| Characteristic | Description |
Purpose - Storing assets for instant trading
Type of transactions - Spot (no leverage, settlement immediately)
Availability - Funds can be used at any time
Control - The user has full control over the assets
Security - Often supports MFA, whitelisting addresses, and other protective measures |
Examples of assets - BTC, ETH, USDT, and other cryptocurrencies
Difference from other wallets
- Fiat wallet - stores traditional currencies (dollars, euros, etc.) for deposits/withdrawals.
- Margin wallet - used for trading with borrowed funds.
- Futures wallet - for trading derivatives, where settlements occur in the future.
Why a spot wallet is needed
- For quick trading: buying/selling assets at the current price.
- For liquidity: assets in the spot wallet can be used instantly.
- For simplicity: especially convenient for beginners, as it does not require an understanding of complex tools.
