Beginner 25 min · 4 lessons
Crypto trading fundamentals
What a trading pair is, how prices form and how to read a ticker.
Trading Academy
Learn to trade like a professional
8 structured courses and 29 lessons (about 3.5 hours) covering the fundamentals, all nine order types, Smart Order Routing, Unified Margin and every interface tier.
Courses
Open a course to read its lessons, then practise on the matching page with your demo balance.
Beginner Interface Tiers 15 min · 3 lessons
Your first trade in Fast Flow
Use the Lite interface tier to buy, sell and convert with one tap.
Intermediate Execution Engine 40 min · 6 lessons
The nine order types, explained
Market, Limit, Stop-Limit, Iceberg, TWAP, VWAP, Post-Only, Trailing Stop and OCO — when to use each.
Intermediate Execution Engine 20 min · 3 lessons
Smart Order Routing & best execution
How the router splits orders across liquidity venues and how to read the routing report.
Advanced Unified Margin 35 min · 4 lessons
Unified Margin & collateral
Use one collateral basket across every position, with smart risk offsetting.
Advanced Interface Tiers 30 min · 3 lessons
Mastering the Advanced Pro Desk
Charts, depth ladder, order book and the full order ticket in one workspace.
Advanced Interface Tiers 25 min · 3 lessons
Reading order flow in the Analytics Hub
Order-book imbalance, funding rates, liquidation levels and sentiment.
Intermediate 20 min · 3 lessons
Risk management that survives volatility
Position sizing from your stop, leverage discipline and exit planning.
Beginner’s guide — your first trade, step by step
- 1
Create your demo account
Sign up in under a minute. Your account is funded with demo balances so you can practise with zero risk.
Sign up - 2
Explore the markets
Browse all ten launch pairs with live prices, 24h change, volume and sparklines. Add favourites to track them.
View markets - 3
Place your first trade in Fast Flow
The Lite tier strips everything back to buy, sell and convert. Pick an asset, enter an amount, confirm.
Open Fast Flow - 4
Protect it with a plan
Size your next position with the Risk Calculator and set a price alert so you know when a level breaks.
Risk tools - 5
Review your portfolio
See your equity curve, P&L and allocation, and understand how Unified Margin treats each asset as collateral.
Portfolio - 6
Graduate to the Pro Desk
When you are ready, the Advanced Pro Desk gives you charts, the depth ladder and all nine order types.
Open Pro Desk
Crypto glossary — 42 terms
42 terms
A
- Ask
- The lowest price a seller is currently willing to accept.
B
- Basis point (bp)
- One hundredth of one percent (0.01%). Fees and spreads are often quoted in basis points.
- Bid
- The highest price a buyer is currently willing to pay.
C
- Cold storage
- Keeping private keys completely offline. Boss Traders Flow keeps the large majority of client assets in cold storage.
- Collateral weight (haircut)
- The percentage of an asset’s value that counts toward margin. BTC counts at 95%, meaning $1,000 of BTC supports $950 of margin.
- Cross margin
- Using the whole account balance to support all positions, rather than ring-fencing each one.
D
- DCA (dollar-cost averaging)
- Buying a fixed amount at regular intervals regardless of price, which smooths the average entry cost.
- Deleveraging
- Reducing position size to lower risk — a stage in the liquidation waterfall before full liquidation.
- Depth / order book
- The list of all resting buy and sell orders at each price level.
F
- FIX protocol
- Financial Information eXchange — the institutional standard messaging protocol for orders. We support FIX 4.4.
- Funding rate
- Periodic payment between longs and shorts on perpetual contracts that keeps the contract price close to spot.
G
- Grid bot
- An automated strategy that places buy orders below and sell orders above the price at fixed intervals to profit from ranging markets.
I
- Iceberg order
- A large order that only displays a small portion to the market at a time.
- Initial margin
- The collateral required to open a position. Equal to notional value divided by leverage.
- Insurance fund
- A reserve that covers losses when a liquidated position cannot be closed above its bankruptcy price — the final step of the liquidation waterfall.
K
- KYC
- Know Your Customer — identity verification required to unlock higher withdrawal limits.
L
- Leverage
- Trading a position larger than your collateral. 10x leverage means $1,000 controls $10,000 of exposure.
- Limit order
- An order to buy or sell at a specific price or better.
- Liquidation
- Forced closure of a position when collateral falls below the maintenance margin requirement.
- Liquidity
- How easily an asset can be traded without moving its price. Deep order books mean high liquidity.
M
- Maintenance margin rate (MMR)
- The minimum collateral, as a percentage of position value, required to keep a position open.
- Maker
- A trader whose order rests on the book and adds liquidity. Makers pay lower fees.
- Margin ratio
- Maintenance margin divided by effective equity. At 100% the account is liquidatable.
- Mark price
- A fair reference price used for P&L and liquidation, resistant to short-term manipulation.
- Market order
- An order that executes immediately at the best available price.
- MPC wallet
- Multi-party computation: a private key split into shares held by separate parties so no single party can move funds.
N
- Notional value
- The total value of a position: quantity multiplied by price.
O
- OCO
- One-Cancels-the-Other — two linked orders where executing one cancels the other.
P
- Portfolio margin
- A margin model that calculates requirements on the net risk of the whole portfolio, allowing offsets between correlated positions.
- Post-only
- A limit order that is rejected if it would execute immediately, guaranteeing maker status.
- Proof of Reserves
- A cryptographic attestation that the exchange holds client assets at least 1:1.
S
- Slippage
- The difference between the expected price of a trade and the price at which it actually fills.
- Smart Order Routing (SOR)
- Technology that splits and sends orders to the venues offering the best price and depth.
- Spread
- The difference between the best bid and the best ask.
- Stop-limit order
- An order that becomes a limit order once a trigger (stop) price trades.
T
- Taker
- A trader whose order executes immediately against resting orders, removing liquidity. Takers pay higher fees.
- Trailing stop
- A stop that moves with the market by a set percentage and triggers when price reverses by that amount.
- TWAP
- Time-Weighted Average Price — an algorithm that executes a large order evenly over a set period.
U
- Unified Margin
- Boss Traders Flow’s single-account model where a multi-asset collateral basket supports every position with smart risk offsetting.
- USDT
- Tether, a USD-pegged stablecoin used as the quote currency for all launch pairs.
V
- VWAP
- Volume-Weighted Average Price — an algorithm that paces execution with the market’s volume profile.
W
- WebSocket
- A persistent connection that streams real-time market data and order updates.
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