What is a cryptocurrency?
Of course, we are all familiar the paper currency, whose validity or genuineness is decided by the specific serial number printed on it. Imagine these numbers have taken a digital form, where they are securely encrypted to avoid any fraudulent activities or stealing. Along with this encrypted technology, add something significant called the decentralized nature to produce the current sensation of the world called the cryptocurrency! Mind-blowing, isn’t it?
It is this mind-blowing digital currency is believed to transform and dominate the world, for which we are here to prepare you adequately with this quick, yet, powerful guide of ours that could help you understand the cryptocurrency trading concepts perfectly. So, shall we begin?
Your preferred cryptocurrency
Although everything began with the Bitcoins, it is not the only cryptocurrency available in the market today, as you have the other varieties like the Ethereum, Litecoin, Ripple and so each although belonging to this blockchain technology has their own characteristics, advantages, and future impact, which you have to understand to choose your best bet!
The Exchanges or the platforms
To begin trading this futuristic currency one has to approach a specific exchange or the specific platform through which the buying and selling of the cryptocurrencies are possible. Only there are few platforms that genuinely carry out the trading practices and that too a very few like the Crypto Code when it comes to the automated way of trading cryptocurrency, which you have to understand and examine thoroughly before beginning the significant association with them. After evaluating their authenticity, now it is time to compare one’s advantages over the others to make sure what you expect out of this trading process is achieved effortlessly and more beneficially!
The 3 order types
Buying and/or selling of the cryptocurrencies can be carried out using these 3 order types, which are,
- Market orders
In this order type, you are allowed to buy or sell the cryptocurrencies at the current market price value.
- Limit orders
In this order type, it is up to you to choose the specific limitations of the buy/sell actions like the number of cryptocurrencies and the price limit and therefore, the order type takes a certain amount time to be fulfilled until the prospective buyer/seller is found.
- Stop limit orders
Used only while selling the cryptocurrencies, in where, as a trader, you are allowed to set the selling price for your specific number of cryptocurrencies and once that value or lower to that value is met the selling action takes place automatically. But, when you use an automated crypto robot, not only this specific action but every significant action with respect to the cryptocurrency trading is automated, leaving you, the trader, unworried and more prosperous!