Sunday 14 November 2021

Questions on crypto terminology. Buy vs trade vs exchange vs swap vs transfer and fees that may come with them?

trying to clarify terminology in the crypto market. Is buy, trade or buy, swap or trade, swap or transfer withdraw or deposit or transfer, swap?

I see the words trade, exchange, swap, buy, withdraw and transfer but I am trying to clarify them. They are different words but feel like they are used interchangable or used to make a faq page ambiguous.

Is trade the same as buy? I want to buy crypto with my fiat money deposited in an exchange platform. This is considered 'buying' or 'trading'? Also if the CEX says trading is not available at your region you can still buy, store and withdraw crypto?

Is transfer the same as withdraw? I want to withdraw the assets to a wallet or another exchange.

Transfer is term used for moving you coins from on place to another like etransfer but in crypto you transfer is two sides where onside is withdraw from exchange A/wallet A to deposit to exchange B/wallet B?

swapping is not the same as buying but sounds same as trading but isn't if swapping is used instead of trading? I want to use dex that offer swapping and stake pools like pancakeswap. And in CEX, you want to transfer from CEX A 10xlm to CEX B to then buy(?) trade(?) swap(?) for other coins.

submitted by /u/blockstake
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source https://www.reddit.com/r/btc/comments/qth60h/questions_on_crypto_terminology_buy_vs_trade_vs/

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