Trading Basics
Learn the fundamentals of crypto trading — exchanges, trading pairs, order types, market and limit orders, fees, and how to avoid common beginner mistakes.
Where to Trade Crypto
Cryptocurrency trading happens on two types of platforms. Centralized exchanges (CEXs) like Coinbase, Kraken, and Binance work like stock brokerages — you create an account, deposit funds, and trade using the exchange's order book. Decentralized exchanges (DEXs) like Uniswap and Jupiter let you trade directly from your wallet using smart contracts, with no account needed. Beginners typically start on CEXs for their simpler interface and fiat currency support.
Understanding Trading Pairs
Crypto is traded in pairs — for example, BTC/USDT means you are trading Bitcoin against Tether (a US dollar stablecoin). If the price shown is 65,000, it means 1 BTC costs 65,000 USDT. The first token (BTC) is the "base" and the second (USDT) is the "quote." You can buy the base with the quote currency, or sell the base to receive the quote currency.
Market Orders vs. Limit Orders
- Market order — buys or sells immediately at the best available price. Fast and simple, but you might get a slightly different price than expected (slippage) on volatile or thin markets.
- Limit order — sets a specific price you are willing to buy or sell at. The order only executes if the market reaches your price. You get exactly the price you want, but the order might not fill if the price never reaches your level.
Trading Fees to Watch
Exchanges charge fees on every trade, typically 0.1-0.5% per transaction. Maker fees (placing limit orders) are usually lower than taker fees (market orders). On DEXs, you pay a swap fee (0.01-0.3%) plus blockchain gas fees. Always factor fees into your trading calculations, as frequent trading with small amounts can lose money to fees alone.
Key Takeaways
- CEXs (Coinbase, Kraken) require accounts; DEXs (Uniswap, Jupiter) trade from your wallet
- Trading pairs show the price of one crypto in terms of another (e.g., BTC/USDT)
- Market orders execute instantly; limit orders only fill at your specified price
- Always account for trading fees and gas costs before making a trade
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