- Login to XDAT’s Official Website: www.XDAT.io
2. To place an order on the book, you must select Exchange tab of Toolbar and confirm trade details.
- Select the Currency pair to be traded (in the top left corner of the Exchange window)
- Select the ‘Buy’ or ‘Sell’ option on the right side of the screen
- Choose the ‘Order type’ listed in the middle of the screen. The Order types are as below
- Market – A market order buys or sells immediately at the best available current price (e.g. “Buy 5 ETH for whatever the best current price is on the order book”).
- Limit – A limit order buys and sells at a specified price or better (e.g. “Sell 5 ETH at 240 EUR or better”). Limit orders allow traders more control over the transaction, but are not guaranteed to be executed.
- Stop - Stop orders are usually used to limit potential losses in case the price suddenly rises or drops. When you place a stop order you set an entry/exit price point. Once the price surpasses the predefined entry/exit point, the stop order becomes an instant order and gets executed.
Example of stop sell order: If the current market price is 10000 USD for 1 BTC and you wish to prevent potential losses, you may set a stop sell at 9000 USD for 1 BTC. If the price drops to 9000 USD for 1 BTC, your stop sell order will be executed and your BTC will be sold.
Example of stop buy order: The current market price is 10000 USD for 1 BTC. The trader in a short position might want to set up a stop buy order for BTC at 11000 USD for 1 BTC. The price then continues to rise to 12000 USD for 1 BTC, so the trade has made a profit.
3. For more Order types, one can select the ‘Advanced Order Type’ Option(Highlighted at the bottom)
4. In the Advanced Order, one can select the following additional Order types.
Stop Market- With the Stop order, the trade will be executed only if it reaches the price specified to buy or sell (stop price). Once the Stock reaches this specified price, the Stop Market Order becomes a Market order and is filled.
Stop Limit- Stop Limit order is also a stop order. Once the Stock reaches the specified price, the Stop Limit Order becomes a Limit order to buy or sell at the specified limit price.
Trailing Stop Market- Trailing Stop Market order is a stop order that can be set at a defined amount away from the current market price. It helps to protect the gains by keeping the trade open as long as the trade moves in favor of the investor, but closes the position at the market price once the trade reverses by the specified amount.
Trailing Stop Limit- Trailing Stop Limit order is a stop order that can be set at a defined amount away from the current market price. It also helps to protect the gains by keeping the trade open as long as the trade moves in favor of the investor, but closes the position at the limit price specified once the trade reverses by the defined difference amount.
Time in Force:
For Limit order type, there is a ‘Time in Force’ tab populated which has the following options
- Good till cancelled: When the limit order is given ‘Good till cancelled’ option, it will be in ‘Open’ status till the user manually cancels it.
- Immediate or Cancel: When the limit order is given ‘Immediate or Cancel’ option, it will fill the available quantity at the specified limit price immediately and cancels any unfilled quantity. Hence this option can fill the orders immediately either partially or fully.
- Fill or Kill: When the limit order is given ‘Fill or Kill’ option, it will fill either the entire quantity of the order at the specified limit price or cancels the entire order immediately. Hence this option can either fill the orders fully or kill the order. Partial orders are not allowed with this option.