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 is an order type that is filled immediately based on the currently displayed price. Note that this is different from the last traded price. With a Market Order, your transaction is executed right away using the current top bid/ask spread. Your order quantity will be matched with the available amounts of the opposite order type in the order book at the best rate possible.

By placing a Market Order, you accept the price established by another party. Our exchange will pair a buy market order with the lowest ask price on the order book's floor, while a sell market order will find its perfect partner at the highest bid price.

For example, if you place a Market Buy Order for BTC using USDT, your order will purchase BTC using the current lowest ask price listed across all BTC/USDT order books on the exchange. All open Sell Orders will be executed until the desired volume of the placed Buy Order is completed. On the other hand, a Market Sell Order will trade your BTC at the highest bid price available.

Market orders are best for making quick trades, as they execute instantly. However, the price you receive may be slightly higher or lower than what you see on the order screen, depending on movements in the market before your order is filled. Since Market Orders are immediately filled, they cannot be canceled.

New traders are advised that market orders are not guaranteed to provide the exact price you’re trying to buy or sell at. Market orders are best used on trading pairs with high liquidity and a slim bid-ask spread, as these pairs are more likely to fetch a price that is close to the desired spot price. However, assets with a wider spread are more likely to cause slippage, so proceed with caution.

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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