WHAT IS QUOTE CURRENCY?
Date of update: 16.08.2023
The quotes currency (on the CScalp) is the currency for which a trader buys or sells crypto assets. The purchase of cryptocurrency by the quote currency takes place in the Exchange wallet mode. There is also a Margin wallet, which makes it possible to use borrowed funds. Let's take a closer look at both wallets.
Exchange wallet
Exchange Wallet is an exchanger. Here the trader changes one currency to another.
Example: the traders trade BTCUSDT pair. The quote currency in this case is USDT. When buying BTC a traders spend USDT. By selling BTC they receive USDT.
The Exchange wallet is available on almost all cryptocurrency exchanges.
Example: the traders trade BTCUSDT pair. The quote currency in this case is USDT. When buying BTC a traders spend USDT. By selling BTC they receive USDT.
The Exchange wallet is available on almost all cryptocurrency exchanges.
Margin wallet
The Margin wallet is a margin wallet. In this mode, traders can use borrowed funds (borrow from the exchange). When using the Margin wallet, positions are calculated by the exchange. This type of wallet is not available on all cryptocurrency exchanges.
NB: on the Bitfinex exchange when using a margin wallet, a position on a pair appears.
Example of a position on a pair: the traders buy ETH on the ETHUSDT pair at the amount of 0.01 lots. They open a position on this pair. The position volume is equal to the volume of the transaction (taking into account the commission). The sale of purchased ETH occurs on the same pair. To do this, you need to make a sell transaction with a volume equal to the volume of the already opened position. This will close the position.
Exchange wallet features on the CScalp
The CScalp has an ability to visually display the position quoted on the Exchange wallet. To open a position in the Exchange wallet, you need to select the quote currency in the connection settings.
Only tools with the selected quote currency will be available for exchange. For example, with the quote currency USDT, only ETHUSDT, BTCUSDT, etc. will be available in the select tool window.
Advantages of using the quote currency in Exchange Wallet:
It is important to take into account when working with the Exchange wallet:
1. When a user opens an ETHUSDT position in the Exchange wallet with the selected quote currency, then switches to the Exchange wallet without positions (when the quote currency is not selected) and exchanges ETH, for example, for BTC, then when switching back to the mode with positions (when the quote currency is selected), these positions will be displayed incorrectly. To solve the problem, you need to reset the trading history of the wallet. To avoid the problem, it is necessary to close positions before changing the quote currency.
2. In the Exchange mode, short positions can’t be placed (you can’t sell ETH if there is no such currency on the balance). At the same time, the application does not prohibit the sale of the currency that is available on the wallet balance.
If trades were made using the CScalp, the gaps in the trading history will be filled when connecting to the exchange.
Only tools with the selected quote currency will be available for exchange. For example, with the quote currency USDT, only ETHUSDT, BTCUSDT, etc. will be available in the select tool window.
Advantages of using the quote currency in Exchange Wallet:
- display of profit and loss on a pair quoted on the price and position volume;
- the possibility of using automatic trading operations, the work of which is impossible without an open position.
It is important to take into account when working with the Exchange wallet:
1. When a user opens an ETHUSDT position in the Exchange wallet with the selected quote currency, then switches to the Exchange wallet without positions (when the quote currency is not selected) and exchanges ETH, for example, for BTC, then when switching back to the mode with positions (when the quote currency is selected), these positions will be displayed incorrectly. To solve the problem, you need to reset the trading history of the wallet. To avoid the problem, it is necessary to close positions before changing the quote currency.
2. In the Exchange mode, short positions can’t be placed (you can’t sell ETH if there is no such currency on the balance). At the same time, the application does not prohibit the sale of the currency that is available on the wallet balance.
If trades were made using the CScalp, the gaps in the trading history will be filled when connecting to the exchange.
How to choose the Exchange/Margin wallet on the CScalp
To select the Exchange or Margin wallet, click on the "Settings" button in the top CScalp menu. Then go to the settings of the connection you need.
Here you can choose both the type of wallet and the quote currency.
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Don't forget to subscribe to our official CScalp news channel, use trading signals and get to know our bot.
If you have any questions, just contact our platform’s support via Telegram at @CScalp_support_bot. We will respond in a matter of seconds.
You can also visit our Discord channel and subscribe to the CScalp TV YouTube channel.