1. Market order
Market orders are used for instant buying or selling assets, filling the nearest to the last bid or request orders from the order book. A market order will be continuously filled by orders from the order book until it is 100% filled.
Contrary to limit orders, which are usually placed into the order book, market orders are filled instantly at the market price. You will pay a trading fee as a ‘taker’ in case of executing a market order. For additional information on fees check out https://bizonex.com/fees.
When buying at the market price you want please specify only the amount of funds (BTC, USDT) you want to spend for a purchase.
When selling at the market price you need only specify the amount of funds you want to sell such as BTC and ETH.
How to create a market order?
If you need to create a buy market order, select the desired trading pair, for example, BTC/USDT. In the order creation menu select ‘Market’ and enter the size of the deal (in this example, the amount of USDT) and click the ‘buy BTC’ button.
The size of the deal also can be established by pressing the 25%, 50%, 75%, or 100% buttons. For the selling order, you need to follow the same procedure, selecting the ‘sell BTC’ button. After order creation, you will receive a confirmation that the market order is filled.
2. Limit order
A limit order is an order with a specific price, which is placed directly into the order book. A limit order will be filled when a counter bid is issued at a given price (or with a target price in the case of selling an asset, and in the case of buying an asset).
Remember the rule that the buy limit order is created only with the price that is lower than the first ask order price. In turn, the sell limit order is created only with the price that is higher than the price of the first bid order. If the above conditions are met, the limit order is not executed instantly as the market order, but is placed in the order book awaiting a counter execution.
When creating the limit order, you should specify the order price and the number of assets you want to buy at that price. The number of assets can be a fractional number.
For example, when buying a BTC/USDT pair, the ‘You will get’ field shows how many BTC you will buy, taking into account the exchange fee.
When selling a BTC/USDT pair, the ‘You will get’ field shows how many USDT you will receive after selling BTC, taking into account the exchange fee.
How to create the Limit Order?
Let us suppose you want to sell BTC. On the ‘Trade’ page in the top left corner, select the desired pair from the dropdown menu (e.g. BTC/USDT). Then find the Limit Order tab, specify the price, amount and click the ‘Sell BTC’ button.
You can also set the amount using the buttons 25%, 50%, 75% or 100%. In this case, the buy or sell limit order is placed at 25%, 50%, 75% or 100% of your available balance in the selected pair.
Following that a confirmation message will appear on the screen, and your limit order will be placed in the market.
3. Stop limit
When you select a satop limit order you will see 3 fields:
- Stop price: the trigger price for order limit activation
- Price: the price at which our Limit Order is placed in case the market price reaches the stop price value
- Amount: the amount of buy or sell funds that are used in the limit order to be placed
By selecting ticking ‘Bid’ and ‘Ask’ boxes you can specify which price in the order book will trigger the stop price – the ask or bid price.
For example, if we place a stop limit order to buy a BTC-USDT pair. If the current market price becomes equal to the 6500 USDT stop price , then the stop limit order to buy BTC at 6400 USDT, for the total amount of 2500 USDT, will be placed. Taking into account the exchange fee of 0.2%, the BTC purchase will be at 2495 USDT.
How to create the Stop Limit order?
If you have already had a certain amount of funds on your account balance, you may wish to reduce your losses in case the price of the currency goes down.
To do this, select the desired pair (e.g. BTC/USDT) from the ‘Trade’ page in the top left corner of the dropdown menu. Then find the stop-limit tab and specify the stop price at which you want to sell your funds, for example 7000 USDT. Then specify the limit price at which the sell order will be placed, for example 6800 USDT. Then specify the amount of BTC you want to put up for sale, for example 0.1 BTC. Then click the ‘Sell BTC’ button.
Once you have placed your stop limit order, you will receive a confirmation message.