Orders in Spot Trading: What are those, and how do they work?

WhiteBIT
Published 01 April 2022
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Orders in Spot Trading: What are those, and how do they work?

Content

Our exchange currently has the following orders for spot trading: Market, Limit, Stop-Market, Stop-Limit, and Conditional Orders.

  • Market Orders allow you to buy and sell an asset at the market price immediately.
  • Limit Orders allow you to place, buy, or sell orders at a fixed price. It will be executed only when the market price reaches the price set by you.
  • Stop-Market Orders work when the market price decreases or raises to the price you had set. It’s mainly used to limit the loss in a position.
  • Stop-Limit Orders are the orders that work according to the predefined conditions for a specified period of time with a stop-price functionality. When the stop price is reached, the order turns into a Limit, gets displayed in the order book, and executes.
  • Conditional Orders are trading instruments that help users protect their funds by monitoring the trading pair’s price that can influence the price of the currency a user has.

How to place a Limit or a Market order?

  1. Go to the Trading page and choose the desired cryptocurrency pair in the Market window.
  2. Select the type of order you want to place.
  3. Enter the price and the amount of crypto you want to buy or sell.
  4. Press the Buy/Sell button. Your order is placed!

Depending on the order type, it will either appear in the Depth window immediately or when certain conditions specified by you (for Stop-Orders) are met. You can track or cancel it on the same page or the Active Orders page.

You can see your transactions (orders, trades, deposits, withdrawals, and codes) in the History window.

How to cancel an Order? 

To cancel an order, go to the “Active Orders” section in the top menu.

Please note that you can only cancel those orders that have not been accepted yet because once the order is executed, such a transaction is irreversible and can not be canceled.

WhiteBIT Team