Guest post by Bravado Trading
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There are over 20 commonly used order-types in traditional trading. For the most commonly used exchanges however, you're typically only going to see "Limit" order types and "market" order types.
This will change in the near future, and we'll provide additional training on more order types at a later date.
Get more understanding on Order Types here:
A limit buy or sell is one in which you manually specify the price in BTC that you would like to buy or sell at. If you specify a lower price per coin than the current market value, then your limit buy will be added to the green buyerʼs column to the left and will be denoted with an arrow. When/if the market value comes down to your limit buy price, your buy will automatically be triggered and your order filled.
To do this, simply enter the price in BTC that you are willing to pay per ALT in your trading platform.
Next, specify the number of tokens you would like to buy, and review the total in BTC. If you are satisfied with your entries and have double-checked the price in BTC that youʼve entered, go ahead and submit the order. If your order isnʼt filled right away, it will be added to the order book.
Maybe you decide that youʼd like to higher or lower your limit buy price. In that case, so long as the order hasn't gone through, you will be able to cancel it and submit a new order with revised limits.
If youʼd prefer to skip the hassle of limit buying and would rather just buy at market value automatically, you will use the "market buy" setting. Just specify the number of tokens you would like to buy. check that the total in BTC is correct, and then submit your order.
Sell your cryptocurrency back to BTC
In order to go in the opposite direction and sell your ALT back to BTC, simply follow the same instructions weʼve covered for buying but apply them for selling.
To do this, simply enter the price in BTC that you are willing to sell per coin.
Next, specify the number of tokens you would like to sell, and review the total you will receive in BTC.
If you are satisfied with your entries and have double-checked the price in BTC that youʼve entered, go ahead and submit the order. As with the buy order above, provided the order has not yet been filled, it will appear in the order book and can be cancelled or modified at any time.
If youʼd prefer to skip the hassle of limit selling and would rather just sell at market value automatically, all you need to do is specify the number of tokens you would like to sell.
Check that the total in BTC is correct and then click submit the order.
Stay tuned for our next guest post from Bravado Trading: Protect your Crypto from Phishing Attacks