What Is the Base Currency in Crypto

 Many cryptocurrency exchanges in the market also give the option to pair your cryptocurrency with fiat money. However, you may not www.businessmagnet.cc find the option to pair your cryptocurrency with fiat money in many cryptocurrency exchanges. Yet, many popular exchanges provide you with the option to pair your cryptocurrency with fiat money like US dollars. This is very useful especially if you already have experience in the forex market since cryptocurrency pair trading works on a similar principle to that of forex trading.

What Is the Base Currency in Crypto Pair?

Understanding the base currency is essential before you make a move towards cryptocurrency pair trading. A base currency in the cryptocurrency pairs refers to the first currency listed in the pair. businessmarketingmagazine.com The cryptocurrency in the pair is compared against each other to find how much of the second currency equal to the 1 unit of the first currency. Base currencies are used to compare fiat currencies of different currencies. If you are an American who wants to travel to Italy you might first need to convert your USD to Italian currency Euro. For that, you would be looking at how many of the euros would be equal to the 1 unit of USD.

Hence, in this case, the USD is the base currency and Euro is the quote or second currency. The most popular cryptocurrency for pair trading is the ETH and the BTC. Moreover, the currency pair BTC/ETH is the most traded cryptocurrency pair in the cryptocurrency pair trading. If you want to trade a less known cryptocurrency in the exchange you will need to have one of the base currencies that the exchange has to offer. An investor should also ensure that the cryptocurrency exchange has the cryptocurrency trading pair that he wants to trade

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