Open Limit Order
Last updated
Last updated
A limit order is an instruction to wait until the price hits a specific or better price before being executed. The limit order will create liquidity in the Order book. The trade will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or to sell at a higher price than the current market price.
Step 1: Navigate to tab Derivatives and Select tab BUSD-M or COIN-M
COIN-M Perpetual contract is settled in Cryptocurrency
BUSD-M Perpetual contract is settled in BUSD
Step 2: Connect your wallet
Click connect wallet
Choose one of the Network and Wallet options as displayed below.
Check our guidelines on how to choose and connect your wallet here.
Step 3: Select the "Limit" order type
Limit allows an investor to buy or sell assets at a predetermined price.
If you select Limit as the order type, you must enter your desired price.
Step 4: Choose leverage
Click to adjust leverage
Manually enter your desired leverage or drag the slide bar to quickly enter the leverage and click Confirm.
Leverage amplifies your buying or selling power, allowing you to trade in larger amounts
Leverage reduction is not supported in the Isolated mode.
Step 5: Place your order price
Pro Tips: You can use “Last“ to fill in the last price
For Long orders, you should set price less than the market price. If the price is greater than market price, the system will automatically match the order at the market price.
For Short orders, you should set a price greater than the market price. If the price is less than the market price, the system will automatically match the order at the market price.
Step 6: Choose the reference currency (optional)
You can choose the reference currency to see your position
Changing the reference currency allows you to easily place orders based on your configuration.
Step 7: Enter the quantity of your position
Manually enter your desired quantity
You can also drag the slide bar to quickly enter the quantity.
This allows a quick selection of quantity based on the maximum percentage you can open.
After entering the quantity, the system will automatically calculate the Cost needed to execute the order. The quantity entered must be less than Max.
Cost: The cost includes the margin required and the commission fee to execute this order. Reducing a position does not cost margin.
Max: Max quantity is calculated based on your balance, leverage, price, and max notional. In case your order is a ”Reduce only” order, it will allow you to reduce or close a current position you are holding.
An example of a "Reduce only" order is when an investor wishes to close out a current position they are holding. For example, if an investor Buy (Long) 10 shares of BNB at $100 each, and the current market price for each share is now $110, their total notional value of the position would be $1,000. The investor may wish to reduce this position by half, so they could place a reverse (Sell/Short) order (default is "Reduce only") with a quantity of 5 shares. This would reduce the total notional value of the position to $550 and close out half the initial position size. The cost associated with this order would be zero since it is a reduction in the existing position size.
Step 8: Click Open Long or Short
Long/ Short - Predict the rise and fall of price in the future. Open Long means you expect the price to go up. Conversely, Open Short predicts a fall. Opening a long or short position benefits users if the price goes as expected.
If you already have a position that is on the opposite side of the order you are placing, that order will become a "Reduce only" order. "Reduce only" will only allow you to reduce or close an existing position rather than open a new one.
Due to some limitations on Ethereum Virtual Machine (EVM) and our smart contracts, you may have encountered a limitation that prevents you from having more than one pending limit order on either side. This can be very limiting as it means that if you have open “Long” limit orders, you cannot open any “Short” limit (also market orders) orders until all of the long orders are filled or canceled. We understand how frustrating this can be, and we’re working hard to remove this limitation as soon as possible.
For Example:
If you have 3 active limit "Long" (Buy) BTC orders. You cannot open Short (Sell) Limit and Market orders until these 3 active limit orders are fulfilled or canceled. If you try to submit it, you may faced error 22.
Step 9: Confirm Pop-up
Confirm the transaction in your wallet
After you confirm the transaction in your wallet, the system will transfer the Cost to our Smart Contract to open the order. If you cancel this order, the system will return the Cost to you.
Checking your orders
The order will be visible in "Open Orders" once it has been sent until it has been filled out.
When the open order is canceled, it will disappear from the open order tab and be displayed.
When the open order is filled, the same thing happens, but it now appears in the Positions tab. And your Position will be opened.
