FAQGetting started at ProBit GlobalHow to Trade on ProBit Global

How to Trade on ProBit Global

Published date: May 18, 2022 at 08:07 (UTC+0)

Contents:



Understanding the Types of Orders: Market and Limit

What is a Market Order?

A Market Order on a cryptocurrency exchange is an instruction to buy or sell a digital asset immediately at the best available price in the market at the time of execution. The execution price is determined by the current top bid (for sell orders) or ask (for buy orders) in the Order Book, which may differ from the last displayed price due to market dynamics.

  • Market Buy Order: Executes against the lowest ask prices available in the Order Book.
  • Market Sell Order: Executes against the highest bid prices available in the Order Book.

If the order volume exceeds the available quantity at a specific price level, the system will automatically execute the remaining portion at the next best available prices until the order is fully filled.

Key Features of Market Orders

  • Immediate Execution: Market Orders prioritize speed, ensuring that trades are executed instantly at the best available prices.
  • Dynamic Pricing: The execution price may vary from the last displayed price due to changes in market conditions at the time of execution.
  • Slippage: The difference between the expected price and the actual execution price is called slippage. Slippage is more likely in markets with low liquidity or large bid-ask spreads.

Important Points to Note

  • Instant and Irreversible: Market Orders are executed immediately upon placement and cannot be canceled.
  • Price Fluctuations: Due to market volatility, the final execution price may differ from the quoted price at the time of placing the order.
  • High-Liquidity Pairs: Market Orders are most effective in high-liquidity trading pairs, where the bid-ask spread is narrower, resulting in better price stability.
  • Low-Liquidity Pairs: For less liquid trading pairs, the bid-ask spread is often wider, which can lead to significant slippage and less favorable execution prices.

What is a Limit Order?

A limit order is a conditional trade based on set prices determined by the trader and can be complemented with other conditions to accomplish the specific goals of the trader.

  1. The trader will set a maximum or minimum acceptable price for an asset.
  2. The trade will not be executed unless it can be filled at the set price (or better).
  3. Therefore, Limit Orders are not guaranteed to fill or may only fill partially.

When placing a limit order, clicking on GTC will show the different types of orders:

  • GTC -  A Good Till Canceled order is an order that is executed at a specified price point, regardless of the time frame involved in reaching that point.
  • GTCPO - A Good Till Canceled Post Only order is a limit trade that is completed only when it can’t be executed immediately.
  • IOC - An Immediate Or Cancel order is an order to buy or sell an asset that executes immediately, in full, or partially, canceling any unfilled portion of the order.
  • FOK - A Fill Or Kill order requires the transaction to be executed immediately and to its full amount or not at all.

How to Place a Buy or Sell Limit Order

  1. Login and select Exchange.

  1. In the search bar, type in the token name or symbol. The current price will be displayed as Last Traded Price. 

  1. In the Buy or Sell sections under Limit, enter your desired buying or selling quantity.
    A) Clicking on one of the prices in the orderbook on either the buy or sell side will automatically apply that particular price.
    B) Clicking on the % bar will automatically apply X% of your holdings towards a trade.
  2. Once the desired price is set, press BUY or SELL.

Why Hasn’t My Order Been Filled?

Your trade may be difficult to complete if the price or amount is set too far from the current prices of the opposite action. Please keep this in mind when designating your specific price.

You can track the status of all placed orders by clicking Order History and Trade History in the box below.

  1. Open Orders: Orders waiting to be filled as no one has agreed to your prices.
    ★ Open orders can be canceled. Try canceling and placing your order closer to the most recently traded price if it isn’t getting filled.
  2. Order History: Shows orders that you have placed before
  3. Trade History: Shows orders that have been successfully filled
  4. Balance: Shows the coins that you have in your Wallet.

How to Buy or Sell a Token with No Available Quote Currency

When you’re holding a specific altcoin and wish to sell it for another altcoin but there is no available trading pair, refer to the following steps:

  1. Find a quote currency that both altcoins share.
  2. Sell the first altcoin into a quote currency.
  3. Purchase the 2nd altcoin with the quote currency.

Example: You have ETH and wish to trade it for BTC.

  1. Since there is no ETH/BTC trading pair, see if there is a quote currency that both ETH and BTC share. In this case, they both have a USDT trading pair.
  2. Sell the token (ETH) for the desired quote currency (USDT).

  1. Once you have the quote currency (USDT), you can use it to purchase BTC (BTC/USDT trading pair).

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