Crypto Trading
What makes crypto markets structurally different from traditional ones — continuous trading, custody risk, fragmented liquidity — and what that changes about how you approach them.
0 of 3 lessons complete
Progress is stored only in this browser. No account needed.
Crypto is not a separate discipline of trading, but it is a distinctly different environment: it trades continuously, liquidity is fragmented across venues, the leverage on offer is unusually high, and you can lose your assets in ways that have nothing to do with price.
This course covers the environment. It covers no coin, no token and no project.
What you will learn
- Describe the structural differences between crypto markets and traditional exchange-traded markets
- Explain custody risk and the meaning of "not your keys, not your coins" in operational terms
- Distinguish spot from derivatives in crypto and identify which risks belong to which
- Identify the categories of risk that are specific to this asset class rather than to trading generally
Prerequisites
- Trading Foundations
Course contents
Module 1 — What is different
Structure, hours, fragmentation and settlement.
How Crypto Markets Differ
Crypto trades continuously, across many venues with separate order books, with retail-accessible leverage far above traditional norms. Those three structural facts change the practical experience more than any chart pattern does.
8 min read
Module 2 — Holding and trading
Custody, counterparty risk and product choice.
Custody and Exchange Risk
Assets on an exchange are a claim on that exchange, not assets you hold. Understanding what that means operationally — before you need to — is the difference between an inconvenience and a total loss.
8 min read
Spot vs Derivatives in Crypto
Spot means you own the asset. A derivative means you hold a contract whose value tracks the asset — with margin, liquidation and funding attached. They are different instruments with different failure modes.
8 min read