Trading tools on the bitexbit platform

An order is an application to carry out a trading operation on the exchange. In fact, it is an order to buy or sell a certain number of coins at a specific price.

Types of orders for bitexbit

1. Limit orders.

   The user sets the transaction amount (the number of coins to buy or sell) and the price he wants to complete the deal. For example, to buy 2 BTC when the rate reaches $10,300.

2. Stop limit orders.

   The user creates an application to open an order when a particular condition is reached. For example, to open a limit order to buy 5 BTC at $9800 when the rate reaches $9900.

3. Scaled orders.

   Scaled orders allow you to split a large amount into small orders and set up step by step buying and selling of coins. This tool allows you to prevent major operations in the event of a course reversal. The user sets the rate at which the order execution starts and 3 of 5 required parameters:

   • total operation amount;
   • number of steps;
   • price step;
   • number of coins in a step;
   • final course.

   The service automatically generates a "ladder" by processing the specified conditions.

   Example 1. Alan places a scaled sell order with an initial rate of $9000 per 1 BTC and the following parameters:

   • total operation amount — 1 BTC;
   • price step — $100;
   • number of coins in a step — 0,2 BTC.

   The system calculates that you need to sell 1 BTC in 5 steps. When the rate reaches $9000, the order starts to be executed:

   • at the initial rate of $9000 system sells 0,2 BTC;
   • upon reaching $9100 — next 0,2 BTC;
   • $9200 — next 0,2 BTC;
   • $9300 — next 0,2 BTC;
   • $9400 — next 0,2 BTC.

   Example 2. Ben places a scaled buy order with an initial split rate of $9000 per 1 BTC and the following parameters:

   • total operation amount — 1 BTC;
   • number of steps — 5;
   • number of coins in a step — 0,2 BTC.

   The system calculates that you need to buy 0.2 BTC 5 times with a price step of $5. When the rate reaches $9000, the order starts to be executed:

   • at the initial rate of $9000 system buys 0,2 BTC;
   • upon reaching $9005 — next 0,2 BTC;
   • $9010 — next 0,2 BTC;
   • $9015 — next 0,2 BTC;
   • $9020 — next 0,2 BTC.

   Please carefully check the data automatically suggested by the system to get the most acceptable result. You can modify the auto-filled fields to enter more accurate parameters.

4. Market orders.

   A market order is an application to buy or sell at the current best price. Market orders are executed immediately, but liquidity is needed to execute them. The order is executed by the cheapest available limit order in the order book. If the amount of the cheapest available limit order is less than the specified amount, the order will be executed on the next limit orders until it is completely closed. This process is called slippage.

   For example, there are 4 buy orders in the order book:

   • 0,2 BTC for $9000;
   • 0,3 BTC for $9200;
   • 0,4 BTC for $9500;
   • 0,1 BTC for $10,000.

   To sell 1 BTC, all current orders will be closed. The trade history will display the average trade rate. You can view the rate of each step of the deal by opening information about it.

   If the amount of executed orders is less than the indicated one, the system will create an order to sell the remainder. For example, there are 4 buy orders in the order book:

   • 0,2 BTC for $9000;
   • 0,3 BTC for $9200;
   • 0,4 BTC for $9500.

   The order will be closed with three corresponding deals — 0.9 BTC in total and the system will create a sell order for 0.1 BTC.

Order statuses at bitexbit

The order can be:

1. pending execution — an open order in the waiting list, for which no action has been taken yet;
2. partly executed — part of the order is closed, but it is not 100% executed;
3. canceled — unexecuted or partly executed;
4. executed — closed 100%.

Information on a partly executed order includes a stage in percentage or units. To see how many coins have been bought/sold, hover over the interest.

All orders can be canceled before they are closed. If you cancel a partly executed order, the commission is charged only for the order’s executed.

How to open an order at bitexbit

To open an order, go to the platform's main screen by clicking the Exchange button in the top menu bar, select the order type and in the appropriate block (Buy or Sell), specify the necessary conditions (amounts, prices, and steps) and click the Buy or Sell button. When placing a stop-limit order, a dialog box appears: please, carefully check the specified data’s correctness and confirm the action.

You can find open orders at the bottom of the Exchange page or in a separate menu by clicking the Orders button in the top menu bar and selecting Open orders from the drop-down list. All orders can be canceled before they are fully executed. To cancel an order, click the Cancel button in the field opposite the order. Please note that you can only cancel an unexecuted or partly executed order. There is no cancellation fee. If you cancel a partly executed order, the commission is charged only for the order’s executed part.

When opening orders, be careful: check the accuracy of the amount and price and the rate movement’s direction.