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What are ERC20 tokens?

The popular cryptocurrency and blockchain system known as Ethereum is based on the use of tokens, which can be bought, sold or traded. One of the most significant Ethereum tokens is known as ERC-20. ERC-20 has emerged as the technical standard; it is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow. Plenty of well-known digital currencies use the ERC-20 standard.

ERC-20 is similar, in some respects, to any other cryptocurrency. ERC-20 tokens are blockchain-based assets that have value and can be sent and received. The primary difference is that instead of running on their own blockchain, ERC-20 tokens are issued on the Ethereum network.

 


BIDS

The bid price is the highest price that a particular buyer is willing to pay for a specific product or service. In the context of financial/crypto markets, it is the value buyers offer for an asset, such as a commodity, security or cryptocurrency.

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ASKS

The asking price is the minimum price that an individual would be willing to sell their asset, or the minimum amount that they want to receive in return for the unit(s) they are parting with.

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MY OPEN ORDERS

Here you can see all of your open orders. To cancel an open order, just click the ‘X’ symbol next to it.

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LIMIT ORDER

Limit order gives you the power to set a specific price at which you would like to buy or sell the desired amount of cryptocurrency.

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MARKET ORDER

A market order is an order type that enables you to buy or sell at the best available market price.

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STOP LOSS LIMIT

A Stop Loss Limit order is designed to limit your loss on a cryptocurrency position. A Stop Loss Limit order can be placed to buy or sell a specific cryptocurrency at your entered price (a limit order) once that cryptocurrency reaches a certain price.

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TAKE PROFIT LIMIT

A take profit limit order is an order put in place by traders to maximize their profits and protect their profits on positions. A take profit limit order allows you (a trader) to set your custom made Buy or Sell order. You have to set two prices - the Trigger Price and the buy/sell Price.

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