Learn how to exchange cryptocurrency

What is cryptocurrency pairs?

Crypto currency pairs are pairs of cryptocurrencies that can be traded against each other on a cryptocurrency exchange. For example, Bitcoin (BTC) and Ethereum (ETH) is a common cryptocurrency pair. When a trader buys BTC/ETH, they are essentially exchanging Bitcoin for Ethereum or vice versa. Cryptocurrency pairs work similar to traditional currency pairs in foreign exchange (forex) markets. Traders can speculate on the relative values of different cryptocurrencies and profit from the price movements between them.

Security practices

Some security practices to help protect your cryptocurrency assets: Use a hardware wallet: Hardware wallets such as Ledger, Trezor or KeepKey provide a secure way to store your private keys offline, away from potential threats such as malware or hacking attempts. Enable two-factor authentication (2FA): 2FA adds an extra layer of security by requiring a second form of authentication, such as a code sent to your phone or an authentication app, in addition to your password.

What is slippage?

Slippage is the difference between the expected price of a trade and the actual executed price, caused by market volatility or low liquidity. It can affect the profitability of a trade, especially for high-frequency traders or those trading large volumes of cryptocurrency. To reduce slippage risk, traders can use strategies such as setting appropriate stop-loss and take-profit orders, trading during high liquidity periods, or using advanced trading tools. Slippage is a common occurrence in the cryptocurrency market, and traders should always be prepared for the possibility of unexpected price movements.

How to swap in Wallacy?

Step 1 Enter Swap mode by clicking the Swap icon on the home screen. Step 2 Swap between two different coins. Choose available coins from the menu. By clicking the switch logo icon between the top and bottom coin selectors, the coin to be exchanged will be switched. Step 3 Input an amount for a coin and view transaction data. Note that the first coin amount entered will be the exact amount, and the other will be estimated.

Funding/trading account

Trading account This account is used for active trading. You can deposit funds directly to your trading account or transfer funds from your funding account to start buying and selling crypto. When you’re ready to withdraw, just transfer the funds to your funding account. Funding account The funding account is used to store, receive, and send assets. You can deposit funds to your funding account, but they must be transferred to your trading account to be used for buying or selling cryptocurrencies.

Identifying reputable cryptocurrency exchanges

Here are some factors to consider when identifying reputable cryptocurrency exchanges: Security: The most important factor when choosing an exchange is security. Look for exchanges that use robust security measures, such as two-factor authentication, SSL encryption, and cold storage of funds. Also, check whether the exchange has experienced any hacks or security breaches in the past, and how it handled them. Reputation: Research the reputation of the exchange by reading user reviews, checking social media platforms, and looking for news articles or press releases about the exchange.

What is swap tokens?

A token swap refers to the exchange of one crypto token for another without the need to first convert it to fiat currency. For example, when you deposit Ethereum’s native token ETH on a DEX and get USDT in return, you are conducting a token swap. But there’s more. Token swapping has three distinct meanings in the crypto space. Let’s explore each one of them separately. Regular token swaps Regular token swaps simply refer to the exchange of tokens through a centralized or decentralized exchange.

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