Crypto Academy Week 10 - Homework Post for [@alphafx] …
I'm so excited to be here today, to present my homework task week 3 season 2 task that was given by professor @alphafx on the topic "Trading and Holding - Two Sides of a Coin". In this homework post, i am going to discussed about the following task below:
1. Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
2. With screenshots, show how to perform spot trading on any pair of your choice.
3. Holding or trading, which do you prefer and why?
Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
I hold some coins in exchange wallet. Exchange wallet is the type of wallet that allow one to have full control over his/her private. In exchange wallet your key is the only thing that give you access over your crypto, so having full control over your crypto make it very safer in terms of storing and safeguarding your currency. I really prefer holding my coins in an exchange wallet, because it offer trading, buying and selling of cryptocurrencies. Exchange wallet also enable the exchange to access your private key. If a security hole is found or the exchange doesn't take proper measure to hide your private key, another user may have access to the your key and transfer all your crypto out of the wallet.
With screenshots, show how to perform spot trading on any pair of your choice.
For the purpose of this homework post let's quickly look at how to perform spot tradingon OKEx exchange
Step 1. Visit the OKEx website and click Spot trading at the top to enter your spot market.
Step 2. Choose a crypto market at the top (e.g. If you want to trade cryptocurrencies against OKB, click into the OKB market).
Step 3. Select a trading pair you want to trade on the left hand side (eg BTC/USDT)
Step 4. Select buy or sell a cryptocurrency in the middle. Algo orders like limit order and advanced limit order, are also available
Step 5. Select limit order, and enter your buying price and the transaction amount of the cryptocurrency
Holding or trading, which do you prefer and why?
Holding is what I prefer as a risk averse, the my reasons to this is that Holding crypto will help me generate profit. Holding my crypto will provide me with more safety way to invest a trader since am not exposed to short-term volatility and I can a kid the risk of buying high but selling low. Let take a look at why holding is important with this simple explanation; As of early 2017 the price of Bitcoin was $19,167, although it fell below $19,167 after 2017, and during the COVID19 period the price of Bitcoin rise over $58,000 in early 2021, currently as at the time of writing this post Bitcoin is worth $54,348.40. This means that holding is better than trading because it give someone a very high profit in return.