What is the meaning of contingent in the context of cryptocurrency?

3 answers

• Nov 24, 2021 · 3 years ago
  In the context of cryptocurrency, 'contingent' refers to a condition or event that must occur for a specific action or outcome to take place. It is often used in relation to trading strategies and orders. For example, a contingent order can be set to execute a trade only if certain conditions are met, such as the price of a cryptocurrency reaching a specific level. This allows traders to automate their trading decisions based on predefined criteria, reducing the need for constant monitoring and manual execution of trades.
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• Nov 24, 2021 · 3 years ago
  When it comes to cryptocurrency, 'contingent' means that something is dependent on or influenced by certain conditions. In the trading world, this term is commonly used to describe orders that are executed only if specific conditions are met. For instance, a contingent order can be set to buy a certain cryptocurrency if its price drops to a certain level. This helps traders take advantage of market opportunities without having to constantly monitor the market themselves.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers contingent orders as part of its trading platform. With contingent orders, traders can set up automated buy or sell orders based on specific conditions. For example, a trader can set a contingent order to sell a cryptocurrency if its price reaches a certain threshold, or to buy a cryptocurrency if its price drops to a certain level. This feature allows traders to implement their trading strategies more effectively and take advantage of market movements without constantly monitoring the market.
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