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Tools Used in Crypto Money Exchange

How many people you know are considering entering the crypto-money sector, but can’t be afraid that it’s perceived as too complex for the novices? People, who have enough time and money to buy Bitcoin (BTC) on their own will often have the question “what now?” If you want to use a cryptocurrency exchange, you need to know what tools are available on the platform and how to use them. We will give an example in this article using the HitBTC cryptocurrency exchange, but there are already a large number of such tools already on the leading stock exchange.

Graphics

A candlestick chart is actually a unique tool for all traders. The chart is a home page on many exchanges, and this chart is one of the most accurate ways to understand what is going on in the crypto currency world. Thanks to the candlestick chart, you can see that the price of your crypto currency has increased and decreased in intervals such as minutes/hours/days/weeks.

If you’re wondering how to read the candles, it’s really easier than ever seen at first.

As seen above, there are two types of candles and green ones show price increases, while red ones show price decreases. The green one usually appears in the bull market, while the red one is a sign of the bear market. The bold line shows the opening and closing prices of the top and bottom candles respectively. The thin line shows the lowest and highest price at which the relevant currency is bought and sold.

Order Books

Most platforms have a tab where you can see all trades on the stock exchange. This tab updates in real-time and from here you can see all funds transferred to the stock market. The relevant section contains all information such as how much the cryptocurrency is processed, how much the price is bought and sold. The same applies to sell or buying, which makes it possible to follow market movements and smell the market. Sometimes big whales either sell all their crypto money or buy a serious fund, and you can follow up here to predict the price drop and act accordingly.

instruments

If you are new to the market you can easily be surprised to see all the cryptocurrency pairs. These include a search bar and the option to add your favorite cryptocurrency pairs to another tab for easy trading. All process pairs are divided into several main tabs. HitBTC has three separate tabs for BTC, ETH, and USDT on the cryptocurrency exchange. In the relevant tab, you can see the current price of any pair, its volume on BTC basis, or whether it is losing value.

Overview

Here’s your control panel. Basically, an overview is used to detect any activity as soon as it is available. If you catch a change without looking at the charts on the right next to the tab you can buy or sell.

The price shows us the value of the currency, and the volume shows how much it has been bought and sold in the last 24 hours. Points such as market spread, market depth, and market efficiency allow you to see different versions from the market point of view. You need to spend a long time in the stock market to understand the market in-depth and there is hardly a chance to be a good trader without practice. Now that you know how to use the trading tools, go and start buying and selling your first Bitcoin.

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.