How does an open trade work in the context of digital currencies?

3 answers

• Dec 17, 2021 · 3 years ago
  An open trade in the context of digital currencies refers to a transaction that has been initiated but not yet completed. When you place an order to buy or sell a digital currency, it becomes an open trade until it is matched with a corresponding order from another party. During this time, the trade is recorded on the blockchain and the funds or assets involved are held in escrow. Once the trade is matched, the transaction is executed, and the digital currencies are transferred between the parties involved. It's important to note that the price of the digital currency may fluctuate during the time the trade is open, which can impact the final outcome of the transaction.
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• Dec 17, 2021 · 3 years ago
  When you open a trade in the digital currency market, it's like entering into a negotiation. You express your interest to buy or sell a certain amount of a specific digital currency at a desired price. This order is then visible to other market participants who can choose to accept your offer or propose a counteroffer. Once both parties agree on the terms, the trade is executed, and the digital currencies are exchanged. It's crucial to carefully consider the market conditions, liquidity, and the reputation of the trading platform before entering into an open trade.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, an open trade works by matching buyers and sellers based on their desired price and quantity. When you place an order, our platform automatically searches for a matching order from another user. Once a match is found, the trade is executed, and the digital currencies are transferred between the parties. Our advanced matching engine ensures fast and reliable trade execution, providing a seamless trading experience for our users.
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