Beginners guide to trading on KuCoin by@vamshi

Beginners guide to trading on KuCoin

Vamshi @ BearTax HackerNoon profile picture

Vamshi @ BearTax

Co-founder of BearTax

1. Trading Graph

This graph shows you the recent price history for a given period. In the top left, you can adjust the period that each candlestick represents, and also add technical indicators. Here’s a good tutorial on how to read candlestick charts for those who have no idea what’s going on.

2. Order Book + Recent Order Fills

This shows open orders on the left, and recent fills on the right. In the middle, you see the current price!

3. Your Orders

You can use this area to see your order history, open orders, and trade history. This is also where you can cancel Open Orders that haven’t filled yet.

4. Place Orders

This section is where the meat of your trading is done. As you can see mine is blocked until a 2FA key is entered. KuCoin only has limit orders, so I’ll detail how to use them for this guide

Trading a currency — Eg: Raiblocks or XRB with ETH

Double check that you have the right trading pair selected. For our tutorial, we want XRB/ETH.

Your trading pair is shown in the top left of the screen, and you can hover over it to see the various options. Click the ETH section to show the ETH pairs, and select the XRB/ETH pair. This will update your graph if you didn’t already have it open.

Once updated, go to the order box (box 4), and enter your 2FA code to unlock the trading area. KuCoin lets you set the desired price, and the amount that you’d like to buy. You can click the link next to “Best price” to auto fill the next available price to buy at, or you can set a different price to try to get a better rate. Be careful with setting your own price if you don’t know what you’re doing though, as you could accidentally end up paying more than the current market price!

After you decide on a price, all you need to do is type how much XRB you want! You can use the slider to use a ratio of your current ETH to pre-fill amounts based on the market price and the amount of ETH in your account if you suck at math ;). Once the amount is set, click Buy! And that’s it, you just bought your first XRB!

While you learn to buy cryptocurrency, you also need to be responsible and pay taxes on cryptocurrency trading. Here’s an article which tries to reduce confusion and provide clarifications on taxes on gains from crypto trading.