A useful technique for trading on a crypto exchange
A friend of mine just told me a useful technique to trade on a crypto exchange. The technique is to trade the same pair of cryptocurrencies, with a high sell value and a low buy value. For example, you could set up 2 orders. One where you are buying Ethers from Bitcoins at a lower price, and at the same time, selling the Ethers that you have, at a higher price.
For example, here in the screenshot above, I have two orders on the bitfinex exchange. One where I am selling my Ethers for 0.054 BTC, while at the same time, buying Ethers from my BTCs at 0.048 BTC. In this way, I don't have to worry, which currency is climbing faster, because one of my orders would eventually be met.
The time I took that screenshot, Ethereum was trading at 0.052117 BTC, so it looks like my sell order would be fulfilled first. Previously, I had bought Ethers for 0.051706 BTC, as you can see under the ORDERS HISTORY tab.
But please use this technique for well established coins only. And If you have any other useful tips, I would also love to hear them.
That's a good trick actually. Not worrying about any ups and downs because you are in for profit at both ends. Nice. I hope this keeps working well for you. Please do share your experience with us.
Thanks. Yes, especially if you do it for well established coins like Ethereum and Bitcoin. Because if such coins go down, they eventually come back up too. With this method, you ensure that you end up with more coins.
Thank you for the link. There are some credible coins which have higher immediate volatility than Bitcoin and Eth. I think trading in BTC/USDT pair is also a highly useful thing deploying this technique as the price never rests at one place.
Excellent Information. Thanks for your tips.
Really through this trading individuals from different countries can exchange currency. trading exchanges don’t have a fixed market price, instead, each seller sets their own exchange rate.
Bittrex is the go-to spot for traders who demand lightning fast trade execution, stable wallets, and industry-best security practices.
Thanks for your informative article @hmushtaq
Yes, bittrex has better fees than bitfinex and has many more currencies. I have made a verified account on Bittrex too. So, would start using it soon.
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