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.
First, you must enable cryptocurrency trading on your account
Before placing 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. 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.
- How to Place a Cryptocurrency Trade
- Key Takeaways about Cryptocurrency Trading
How to Place a Cryptocurrency Trade
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.
Setting up a cryptocurrency order on the mobile platform is similar to setting up a stock or futures order.
- Tap on Trade
- Enter the crypto symbol (BTC/USD, BCH/USD, LTC/USD, ETH/USD, etc.) into the symbol field.
- Tap on the symbol below to validate
- Stock trading mode opens
- Tap on the Order Type field to choose from one of the three order types available for Cryptocurrencies.
- Dollar Amount - You may only adjust the Dollar Amount you wish to purchase or sell.
- Market - You may only adjust the quantity on the order ticket
- Limit - You may only adjust the quantity and the limit price on the order ticket
- Once you have your order ticket populated tap on “Review & Send” to review your order.
- Review your order again and tap on “Send” to submit your order.
Animation or crypto order placement
All cryptocurrency orders are GTC (Good 'Til Cancel) orders. To learn about the Order Types for cryptocurrencies please click here
Key Takeaways about Cryptocurrency Trading
- 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
- Cash is available 5 business days after deposit for cryptocurrency trading.
- 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.
- The following cryptocurrencies aren’t currently available for customers who reside in New York: ADA, DOGE, EGLD, ENJ, EOS, KNC, MKR, OMG, DOT, and MATIC.