In currency exchange, there is always one currency being purchased and another being sold (the currency being sold is used to acquire the one being bought). The determination of which currencies are bought and sold depends on two factors within the order form. Firstly, it hinges on whether the "buy" or "sell" button on the order form is selected. Secondly, it depends on the specific currency pair that has been chosen.
If you wish to buy or sell the second currency in a pair (referred to as the quote currency), you need to think in reverse. This is because the "buy" button will essentially sell the quote currency in exchange for the base currency, while the "sell" button will buy the quote currency using the base currency. Below is a summary:
- If the "buy" button is selected and currency pair X/Y is selected, then currency X will be bought and currency Y sold.
- If the "sell" button is selected and currency pair X/Y is selected, then currency X will be sold and currency Y will be bought.
Examples:
If you have funded your account with Tether (USDT) and wish to acquire Bitcoin (BTC), you can do so by placing a new buy order using the BTC/USDT currency pairing. This will exchange your USDT for BTC according to the details of your order.
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