First of all, let’s understand that Spot Instance, On-Demand instance and Reserved Instances are all models for pricing. Moving along, spot instances provide the ability for customers to purchase compute capacity with no upfront commitment, at hourly rates usually lower than the On-Demand rate in each region. Spot instances are just like bidding, the bidding price is called Spot Price. The Spot Price fluctuates based on supply and demand for instances, but customers will never pay more than the maximum price they have specified. If the Spot Price moves higher than a customer’s maximum price, the customer’s EC2 instance will be shut down automatically. But the reverse is not true, if the Spot prices come down again, your EC2 instance will not be launched automatically, one has to do that manually. In Spot and On demand instance, there is no commitment for the duration from the user side, however in reserved instances one has to stick to the time period that he has chosen.
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