Cryptocurrency trading is the process of buying and selling cryptocurrencies. It involves using an exchange to buy and sell digital assets such as bitcoin, Ethereum, Bitcoin, and Altcoins. The main difference between traditional stock markets and cryptocurrency exchanges is that they don’t exist in physical form; instead, they exist on the internet or in software code meant for storing and transferring money around the world quickly. Cryptocurrencies have become popular due to their decentralized nature which allows them to be used anywhere in the world without having any central authority controlling them like banks do today with fiat currencies (i.e., dollars).
In order to trade cryptocurrency, you need an account with a cryptocurrency exchange. When it comes to choosing the best exchange for you, there are many factors that should be considered. These include:
- Regulated
- Secure
- Customer support
- Variety of cryptocurrencies
- User-friendly
LCX is a regulated and secure cryptocurrency exchange that offers a variety of cryptocurrencies and trading pairs. LCX exchange comes with a user-friendly interface, as it is designed to meet the needs of both novices and professional traders.
When you place a trade on the LCX Exchange, you can choose from different types of orders. These include Market Buy and Sell orders as well as Limit Buy and Sell orders. The following sections will explain how each type works and when it is best used for your trading strategy.
What is Market Order?
Market buy/sell is an order that executes immediately at the best available price. The order is designed to trade quickly and can be used for both long and short positions, depending on your strategy. Market orders are not guaranteed to execute at the specified price, but will be executed at the best available price (BAP) if the order meets certain conditions.
Market buy/sells allow traders to get into a position quickly without having to worry about getting filled first by other traders, well suited for crypto assets with a high trading volume.
What is a Limit Order?
A limit order is an order to buy or sell a cryptocurrency at a specific price. A limit order can be used if you want to buy a cryptocurrency when it drops below a certain price, or sell a cryptocurrency when it rises above a certain price.
Limit orders are especially useful for those who want to protect their profits from sudden changes in the market—such as a rise in Dogecoin price following Elon Musk’s tweet, Bitcoin prices falling dramatically due to news about controversial issues such as governments restricting its citizens to trade, mine or use crypto assets.
How to Place Market and Limit Orders on LCX?
You should ensure you have sufficient funds in your LCX Account before you begin trading.
To know how to deposit funds, read here: How to Deposit Funds on LCX account?
How to Place a Market Order?
- Login into your LCX Account
- Go to https://exchange.lcx.com/trade
- Select the trading pair
- Choose between Buy/Sell Option
- Select the Market mode.
- Select the amount of currency you want to buy or sell
- Click on “Place Order”
How to Place a Limit Order?
- Login into your LCX Account
- Go to https://exchange.lcx.com/trade
- Select the trading pair
- Choose between Buy/Sell Option
- Select the Limit mode.
- Select the amount of currency you want to buy or sell
- Enter the bidding price you want to buy or sell at
- Click on “Place Order”
Conclusion
LCX Exchange is a decentralized exchange that allows you to trade using different types of orders. The platform has been developed by our team keeping in mind the requirements of novice as well as pro traders. Now that you know how to place a trade on LCX, begin your trading journey today at exchange.lcx.com.
