Are you ready to trade cryptocurrencies but don’t know where to start? The guide below will spell out everything you need to know to get started.
TABLE OF CONTENTS
- Before you start trading crypto...
- How to Place a Crypto Trade
- Some things to keep in mind when trading Cryptocurrencies
Before you start trading crypto...
You must enable cryptocurrency trading on your account
Before you can place any crypto trade, you must enable cryptocurrency trading on your trading account, which you can do with a few clicks. To learn how to enable cryptocurrency trading on your account, please click here.
How to Place a Cryptocurrency Trade
To learn how to place a crypto order, please view the tutorial videos below. To view a list of available cryptocurrencies that you can trade at tastyworks, please click here.
Please watch the video below to learn how to place, edit, or cancel a crypto order on the desktop trading platform. The video also covers the different crypto order types and how to set up a closing crypto order.
Web browser platform
Please watch the video below to learn how to place, edit, or cancel a crypto order on the web browser trading platform. The video also covers the different crypto order types and how to set up a closing crypto order.
Video coming soon.
iOS users may place cryptocurrency trades in the mobile platform. Setting up a cryptocurrency order in iOS is similar to setting up a stock or futures order. To trade cryptocurrencies on mobile, go to the Trade tab, enter the crypto symbol (BTC/USD, BCH/USD, LTC/USD, ETH/USD) into the symbol field, and you'll be sent to the stock trading mode, where you can line up an order. During the initial rollout of cryptocurrency trading, you may only view or cancel working crypto orders on the Android platform.
Some things to keep in mind when trading Cryptocurrencies
- Cryptocurrencies are not subject to Pattern Day Trader (PDT) rules, as PDT rules pertain to securities and not to digital currencies (which are not securities).
- Any working crypto order, generally a limit working order, is inherently Good ‘Til Cancel (GTC) since it trades 24 / 7 / 365 and does not have a normal “Day” session similar to stocks and options.
- Maximum crypto order size: $75,000
- Minimum crypto order size $1.00
- Cryptocurrencies are non-marginable, and all positions must be fully paid for.
- Only net long positions may be established, no net short crypto positions.
- All submitted orders must be within price bands or will get rejected.
- For buys: within 20% of the current Ask price
- For sales: within 20% of the current bid price.
- All crypto orders base on FIFO and tax lots cannot be specified when closing a crypto position.
- When you enable cryptocurrency trading to your tastyworks account, it will create an account at Zero Hash–our cryptocurrency custodian.
- Your cryptocurrency account at Zero Hash is a hot wallet.