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What are the Base and the Quote Assets?

On a trading exchange assets are traded in pairs, or in other words, one asset (Base asset) is traded against the other (Quote asset). The spot rate (spot price) reflects how much of the Quote asset is required to buy 1 unit of the Base asset. 


For example, if our desired trading pair is BTC/USDT, and the spot rate is 30,000 USDT, we will be trading BTC, which is the Base asset, against USDT, which is the Quote asset. The spot rate of 30,000 USDT means that we have to sell 30,000 USDT to obtain 1 BTC.


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