Disclaimer not financial advice. Not an expert. Anyone trading Chia or other cryptocurrency does so at their own risk.
In this installment we will quickly go through your first chia deposit and trade.
First step is Deposit to your trading account. Very straightforward if you have ever done a transaction with your chia wallet, or a regular online transfer.
Some Exchanges have wallets with different parts to them.
Kucoin for example has 3: main, trading, margin
For basic trading only the main and trading accounts will be used. Do not leave your crypto or fiat on an exchange longer than it needs to be.
Your main wallet is just a collection wallet (or at least that’s what I use it for) to keep track of those mad gains you’ll be getting and can also be used to stake or lend your assets depending on which exchange you are using. Since we want to make a trade we want to have chia in the trading portion of the wallet, so make sure to transfer the chia from your main wallet to your trading wallet (if there is one).
Search for the XCH/USDT pairing in the markets list and take a look at the current price. Note the price could either reflect the buy side (green) or the sell side (red) or somewhere in between depending on the trade history and market depth. Don’t let everything flashing on the screen intimidate you for now. We just want to buy/sell what we have around the current price.
For this guide we will be focusing on what’s called “spot trading”.
There are 3 main order methods to spot trading: limit orders, market orders, stop limit orders (stop market orders).
For this part of the guide we will quickly focus on the first two limit orders and market orders.
Limit trading– allows you to set a buy/sell order at a specific price regardless of the current price of chia. It will add your order to the buy/sell list and wait for someone else to fill the transaction (accept the trade). Limit traders are known as “maker’s”.
Market trading– is taking the trading action into your own hands. You set the amount you want to buy or sell and the trade will go through immediately based on whatever the best price is at that specific time. Note during times of extreme volatility, market trading can be dangerous as the price moves rapidly. So be careful when making snap decisions trading. Market traders are known as “taker’s”
Finalize the transaction.
Fill the order/let it be filled and Boom! We have just completed our first chia trade. In the next part of this guide we will go over the final order type, stop limit.
If you plan on signing up for Kucoin please use my Kucoin Referral link thanks in advance!