The spot market is where financial instruments like cryptocurrencies are traded for immediate delivery. When buying cryptocurrency on the spot market, you exchange one asset, for example, fiat currency to get cryptocurrency. It means you become an owner of coins/tokens you bought or some fraction of it.
The current price of cryptocurrency is called spot price or spot market rates, meaning it is a price at which you can buy and sell assets immediately. The spot price is constantly changing because market participants create their buy and sell orders in the market. If there is more demand from buyers than sellers, then the price may go up and vice versa. In liquid markets, the spot price can change in seconds because orders get filled and new ones occur rapidly.
The cryptocurrency spot market is available 24 hours a day and 7 days a week, so you can trade cryptocurrencies whenever you want.
The main advantage of the spot market is in its immediate purchase, payment, and delivery of the asset. For this reason, the spot market tends to be active and liquid but it still depends on the asset and market where it trades.
The general spot market disadvantage is that you need to take delivery of the asset. It may be difficult for some assets but not for crypto. Because when you buy crypto in the spot market, it is just sent to your CEX.IO balance.
CEX.IO ecosystem offers a crypto exchange that allows users to trade in the spot market. You can place orders to buy and sell cryptocurrencies on the Trade page.