Definition
A quote communicates a proposed trading price. In an order book, a bid is an offered purchase price and an ask is an offered sale price. In a conversion or over-the-counter service, a quote may instead specify a complete exchange amount for a requested trade size and a limited acceptance period.
How It Works
For a BTC/USDT quote, the price is expressed in USDT per BTC. A hypothetical offer of 60,000 USDT per BTC implies 6,000 USDT for 0.1 BTC before any additional charges. The quote’s side, available quantity, and fee treatment determine what this means for the actual transaction.
Key Considerations
An indicative quote is an estimate, while a firm quote is offered under stated execution conditions. Neither a last-traded price nor a delayed screen value should automatically be treated as an executable offer. Check expiry, trade size, and whether fees or spread are included; changed market conditions can require a new quote.