Why is it important to consider both the ask price and the bid price when buying or selling cryptocurrencies?

1 answers

• Mar 19, 2022 · 3 years ago
  At BYDFi, we highly recommend considering both the ask price and the bid price when buying or selling cryptocurrencies. The ask price represents the lowest price at which someone is willing to sell their cryptocurrencies, while the bid price represents the highest price someone is willing to pay to buy cryptocurrencies. By considering both prices, you can assess the market liquidity and determine the best price to execute your trades. This ensures that you get the most favorable deal and avoid any potential losses. So, always keep an eye on both the ask and bid prices to make informed trading decisions.
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