The term DeFi is short for ‘decentralised finance’ and is usually used to describe the cluster of applications and companies offering financial services based on decentralised blockchain technology. Sometimes it is also referred to as ‘open finance’.
The concept of decentralisation stands in contrast with the traditional financial services that are generally centralised, i.e., when a single entity, such as a central bank or some other financial institution, is the controller. DeFi is expected to address many of the common drawbacks of centralisation as single points of failure and control, monopolising power and bureaucratic blockage.
Decentralisation of financial services can be achieved with the use of smart contracts, where rules are enforced automatically because they are embedded in a computer code, where the data about all the transactions that have happened are stored in a distributed ledger. This way, no one has complete control over transactions, thus preventing corruption and censorship.
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.
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.
Here you can see all of your open orders. To cancel an open order, just click the ‘X’ symbol next to it.
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.
A market order is an order type that enables you to buy or sell at the best available market price.
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.
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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