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What is a smart contract?

A smart contract is a self-executing persistent computer program that runs on a blockchain network. Like legal contracts, smart contracts are agreements between two or more parties - buyer(s) and seller(s), directly written in code that executes autonomously. Smart contracts differ from the regular computer programs in the execution of the program being guaranteed, no matter who initialises it. Furthermore, these contracts persist (perhaps indefinitely) because data is effectively permanent once stored on a blockchain.

Second-generation blockchains (such as Ethereum) were designed for executing smart contracts. This was an evolution to a step beyond the simple financial transactions enabled by Bitcoin, allowing a general-purpose platform for decentralised computing. A blockchain network that allows for general smart contracts can therefore be thought of as a ‘world computer’.


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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