A limit order allows you to trade cryptocurrencies at a specified price, which may differ from the current market price. When you place a limit order, you decide how much crypto you want to buy or sell and at what price. Then the order is sent to the order book and will be executed when the market price reaches the price you’ve indicated.
How to place Limit Order
1. Open the Trade page
The Trade page is divided into five main sections: New Order, Order Book, Trade History, Chart, and Order Details.
Want to know more information about Trade page opportunities? Please follow the link to the Trade page overview.
2. Choose a Main or sub-account for trade:
Account selector - allows you to choose on behalf of which account you want to create a new order.
By default, the Main Account is selected in the accounts list. You can also use the search bar to find the account you need in case there are more than 5 accounts.
3. Choose pair for trading
Trading pair selector - allows you to choose the pair for trading by either scrolling or using the search bar.
By default, either BTC-USD or the last selected pair is automatically selected.
For your ease of use, Buying power overview - shows the available trading balance, for the selected account, for the selected trading pair.
4. Choose to Buy or Sell
In this step, you should choose the desirable order side: either BUY or SELL.
Here, you can check the guide on how to place a Market order.
5. Choose the order type
The market order is chosen by default. In this regard, you need to select the “LIMIT” order type to advance to further Limit order configuration and placement.
Keep in mind, that by its’ nature Limit order gives a trader more control over the price but does not guarantee the order execution. The limit price might not be reached at all. Limit orders are more suitable in cases when the price of execution is more important than the speed of order execution.
6. Choose the amount of currency
Please pay attention, that min and max order amounts are different for each trading pair.
Also, note that for Limit orders amount can be indicated only in the first currency of the trading pair (e.g. amount in BTC for BTC-USD trading pair, but NOT in USD).
7. Choose the Limit price
Limit price - is a price specified by the Client for the execution of a limit order.
For the Limit Buy order limit price represents the highest price Client will accept for the order to be executed, while for the Limit Sell order - the limit price represents the lowest price Client will accept for the order to be executed.
The limit price is always indicated in the second currency of the trading pair (e.g. price for the BTC-USD trading pair is always indicated in USD currency).
After the amount and limit price are set, you will see additional information before placing an order:
Total - indicates the amount to be executed as a result of filling the order with a specified amount under the limit price.
Fee - indicates the amount of fee to be paid after filling the order with a specified amount under the limit price.
8. Advanced options
In the advanced options, you're able to choose Time in Force Policy - in other words, the lifetime of the order you want to place.
Good Till Cancel (GTC) - it is the order that remains active until either the order is filled or you cancel it. GTC orders can be partially filled.
Good Till Date (GTD) - this order is valid for a specific period of time unless it has been already fulfilled or canceled. GTD orders can be partially filled.
When you choose GTD to order an additional field Cancel After will appear and you will be able to set the order lifetime.
Available options for GTD orders on the Exchange Plus are:
Immediate Or Cancel (IOC) - an order to buy or sell that attempts to execute all or part immediately and then cancels any unfilled portion of the order.
9. Click place BUY/SELL order
Place the Order button. Once all the parameters are set up, you can create a new order by clicking on the Place Buy Order (Place Sell Order).
10. Check order details and confirm order placement
After clicking on the Place Order button you’ll see a pop-up window with a brief overview of the order. After checking the order details you should click on CONFIRM button to eventually place such a new order.
11. Successful pop-up window
In case new order has been placed, you’ll see a successful pop-up window. Just press the GO TO TRADE button to proceed!
In the meantime, in the right top corner, you’ll see an order bubble pop-up that will inform you about the current order status.
Please pay attention, that the current order status and other order details can be found in the Orders details section on the Trade page.