What are limit orders?
Limit orders make it possible for traders to automatically buy or sell cryptocurrencies once it reaches their preferred price.
How does it work?
You set the price you want to trade at and the amount of coins or NGNT you intend to trade. Then, the coins are escrowed until the market price reaches your stipulated price (or until you cancel). Once this happens, your order will be fulfilled automaticaly and the appropriate wallet will be credited.
This means that your order will ONLY be fulfilled if the market price reaches the price you set.
Note: You can always cancel a pending order if you do not wish to trade at that rate anymore.
How to set a limit order
Step 1: Click on ‘Buy & Sell’ on the dashboard.
Clicking this takes you to the buy page. If you wish to sell, click on 'Sell Coins' at the top right of the page.
Step 2: Select Bitcoin and toggle the ‘Limit Order’ button to place your limit order.
Toggling this on will display the current price per BTC.
Step 3: Set the price you would like to place your order at and the amount of BTC you would like to buy.
There are a few things to look out for:
- Price per BTC: This is the price you want us to place your Bitcoin order at.
- BuyCoins Rate: This is the current BuyCoins price.
- Price Difference: This is how much your chosen price compares with current BuyCoins price. To protect you from trading at a loss, we do not allow you choose a buy price greater than 1% of our current price or a sell price less than 1% of our current sell price.
- Amount: This is the amount of BTC you wish to buy/sell.
Based on the example below, if the BuyCoins price of BTC falls to N3,500,000, we would automatically place a buy order for you.
Step 4: Click on review details and proceed to place limit order
If you are satisified with the details of your order, click 'Place Buy Order limit' or 'Place Sell Order Limit' depending on if you are buying or selling. (If you wish to make changes, click 'edit details'.)
Your coins or NGNT will be escrowed until the order is fufilled or you cancel.
Please note that there is no guarantee that your order will be fulfilled, and you can cancel at any time before it is fulfilled.
That is all! You should get a pop-up message saying 'Your limit order has been placed'. You will receive an email once your order is successful.
Note: You can view your pending orders by clicking on the hamburger menu on the dashboard and going to 'My Orders'