How to trade?
You may have questions about making transactions correctly and what specific elements in the trading terminal mean. We have anticipated this. Therefore, below you will find answers to the most common questions about opening and closing orders, analysis, and the meaning of terms.
You can fund your Kyrrex account by depositing crypto assets from your external wallet or a third-party exchange.
To do this:
- 1.Go to your Dashboard or Wallet tab.
- 2.Select the currency which you’d like to deposit into your account.
- 3.Click the Deposit button and get the address for the wallet of your choice.
- 4.Make a transfer to the specified cryptocurrency address from a third-party wallet.
Make sure you select the correct blockchain when transferring cryptocurrency. The incorrectly selected network will lead to the loss of coins.
A limit order is an order to buy or sell a cryptocurrency at a given or more favorable price. It excludes the possibility of execution at a less favorable price. However, its implementation is not guaranteed if the set price is not available in the market at the time of execution of the order. To open a limit order, you need to specify the price of the asset and the amount. After that, the order will be opened as soon as the conditions are reached.
A market order is an order to Buy / Sell at the bid or offer price of the market. The market order increases the chance and speed of execution. However, unlike the limit order, it does not protect against price volatility and can be executed at a lower or higher price than the displayed Bid / Ask values.
A trading book of orders is a list of limited orders to buy and sell cryptocurrencies on the financial market. Each order in the table contains the price (quote) and amount of cryptocurrency in real-time.
You can open an order in the Kyrrex trading terminal. In the upper-left corner of the trading terminal, select a cryptocurrency pair, then go to the order opening menu on the right. At first, the order management interface may seem complicated. But it is not. Specify the main parameters of the future deal (buy or sell, limit or market deal, order price, and amount. Thereafter, press the button to open the order.
You can also select the desired pair and price in the Order Book. This may be more convenient. Try it! The active order will appear in the Open Orders tab. Control your active trades 24/7.
The Japanese candlestick is the main graphical indicator of the selected cryptocurrency quotes in the trading chart.
The shape of a candlestick is divided into two types:
- The body (the difference between the opening and closing prices).
- The shadow or wick (the line marked on the candlestick chart, which indicates where the amount of the cryptocurrency fluctuates depending on its opening and closing prices).
The candlestick range refers to the distance between high and low prices.
Each of the candlesticks includes several points, which reflect the volatility in the price of an asset in a certain timeframe:
- Open. The initial price.
- High. The highest price.
- Low. The lowest price.
- Close. The last recorded price.
On the Kyrrex trading chart, candlesticks are marked in red (falling prices) and green (rising prices). However, you can not only change the settings and color of the candlestick but also use additional graphical tools. This allows you to instantly analyze the situation on the market and make your predictions.
The size of the candlestick body indicates the strength of buyers or sellers. The higher the rising candlestick, the more buyers in the market. The bigger the falling candlestick, the more sellers.
Use this generalized information to put your trading strategies into practice with Kyrrex successfully.