Mindblown: a blog about philosophy.
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Converting BTC to another Cryptocurrency
At this point you’ve learned the simplest way to purchase Bitcoin with FIAT on Coinbase and Binance, using a Market Order. You’ve also explored a Classic Trading Interface on Binance that introduces more trading options, such as Limit Orders and the process for selling. As you now own Bitcoin you can use the “Convert” to…
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Closing The Trade
If your trade has been successful, and you want to realise the profit, you need to close the trade. This process is simply buying in reverse. On Coinbase or Binance convert you simply sell at the current Spot price. You can sell some or all of the BTC that you purchased. You’ll see a confirmation…
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Placing a Limit Order
Having already looked at Market Orders, we’ll now place a Limit Order. Instead of simply executing a trade at the current market place, we’re now specifying a price and an amount that we want to be our entry point. As explained in our article on Trading Strategy, an entry point is a key component of…
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Moving to a Classic Trading Interface
As you’ll see from the Binance Trading menu, the next option down is Classic Trading. This offers a more traditional trading interface and broader range of Spot options, alongside additional Market Orders types which we’ll explore in the walk-through. Immediately when you move to the Classic Trading menu you can see that the interface is much…
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Coinbase Market Order
Coinbase simplifies the process of placing a Market Order to the extent that it doesn’t even really give you any other option. You have a Buy button, which takes you to a window to execute a Market Order – though this isn’t how Coinbase describe the process as that specifically remove any trading terminology to…
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Spot Trading
Exchanges offer a wide range of complex ways to trade which will be covered in later articles, but for anyone just starting out, are inappropriate and will likely cause confusion. So we’ll simply focus on the simplest trading option – Spot Trading. Spot Trading and Spot Exchanges literally enable trading on-the-spot. You simply accept the available…
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How to place a trade?
What you’ll learn The basic options for executing a trade The terminology of trading execution The input options for making a trade How to combine trading with strategy How to close out a trade You might assume that learning how to actually place a cryptocurrency trade would be among the first things included in our…
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So should I use a CEX or a DEX to trade crypto?
Both types of crypto exchanges play a major role today in giving newcomers their first exposure to cryptocurrency but have some differences in how they manage crypto storage, liquidity, platform and data security, as well as usability. If you are a reasonably experienced crypto owner, and privacy and control over your funds are of the…
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Decentralised Exchanges (DEXs) vs Centralised Exchanges (CEXs): Pros and Cons
As explained, there are several differences between how centralised crypto exchanges and decentralised crypto exchanges operate. The fundamental difference is that centralised exchanges control user funds while decentralilsed exchanges allow their users to maintain control of their funds. Choosing the right type of exchange to trade crypto, however, does depend on more than just custody…
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DEX: What’s a Decentralised Crypto Exchange?
In the very early days, getting your hands on cryptocurrency wasn’t as simple or easy to do for regular people since using crypto wallets required a certain level of technical knowledge and computer skills. Most people also had to buy crypto informally or from other people using peer-to-peer methods. Centralised crypto exchanges led the charge…
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