Due to different market analysis and trading habits, traders have diverse needs and methods of placing orders. This paper will introduce how to carry out the order entrustment transaction and the main order types of BitVenus: The definition, difference and strategy usage of market order, limit order and plan order will be introduced. The main contents include what is a market order, what are the advantages of a market order; what is a limit order, the execution strategy of a limit order, the Special usage;What is trigger order? What are the advantages of trigger order? BitVenus offers a variety of order types to meet the needs of traders.
What is an order entrustment
Entrusted order refers to the behavior that the customer issues transaction instructions in some way and specifies the type, quantity and price of the proposed sales contract.
How to make a contract transaction order
a) The user first selects the contract currency and contract entrustment type:
There are eighteen contract currencies available currently : BTC/USDT、ETH/USDT、ATOM/USDT、AXS/USDT、BCH/USDT、DOGE/USDT、DOT/USDT、EOS/USDT、ETC/USDT、FIL/USDT、LINK/USDT、LTC/USDT、MATIC/USDT、SOL/USDT、SUSHI/USDT、TRX/USDT、UNI/USDT、 XRP/USDT ;
Contract entrustment types are currently available: Limit order, market order.
b) Then enter the price (unit: USDT) and quantity (Unit: piece) of the contract.
c) Finally, the user can submit the contract transaction entrustment by selecting the transaction type (buy long / sell short). In the full position mode, only when the opening margin rate is greater than or equal to (1 / the currently selected leverage multiple), the trader can successfully issue the entrustment;
In the isolated margin mode, the user can successfully place an order only when the available margin is greater than the margin required for a contract.
All orders for buying and selling contracts can be seen in the "Current Order/Plan" area, and you can click the "Cancel" button to cancel the order before the match is successful.
Buy / long: refers to a trader who is bullish and bullish on the future price trend and buys a certain number of new futures, Or traders are no longer bearish on the future price trend but buy and close positions on the bearish direction contracts they hold.
Sell / short: refers to the operation that the trader is no longer bullish on the future price trend, but sells and closes the position of the bullish multi-directional contract held in his hand, Or traders are bearish or bearish on the future price trend and sell a certain number of new contracts.
What is a market order
Market order in English is Market Order. A market order means that a trader can choose the amount of leverage and the number of contracts to buy, but cannot set the transaction price. Its biggest feature is that the order will be executed immediately, that is, the specified number of contracts are traded at the latest market price or the best market price (if the market depth can be satisfied). The market order is the extractor of market liquidity. The market order and the limit order in the order form are matched and traded. Therefore, the transaction price of the market order is determined according to the price and quantity of the order in the order form, so the final transaction price is uncontrollable to a certain extent.
What are the advantages of market orders
The advantage of the market order is that it can quickly enter or exit the market when the market price comes; however, it is recommended that traders with market orders pay more attention to the market depth and price fluctuations, so as to avoid the final average transaction price deviating from the ideal price. In BitVenus, a 0.05% service fee will be charged for the execution of market orders.
What is a limit order
A limit order in English is a Limit Order, a limit order. The trader can choose the amount of leverage and the number of contracts to buy, and set the order price. When the latest market price reaches the order price, the order will be executed. Compared with market orders, limit orders have the advantage of providing certainty of the transaction price.
Why is there no transaction at the price specified in the limit order
A limit order allows traders to enter and exit the market at a better price, such as placing a limit buy order lower than the latest market price, or a limit sell order higher than the latest market price. The order form will be entered to deepen the market depth, and traders can view all active orders at any time in the "Current Orders" area. When the order is filled, it will act as a market liquidity provider, and a service fee of 0.05% will be charged for the limit order.
Special usage and advantages of limit order
The price limit order can also be used as a market order: set a price limit order higher than the latest market price or a price limit order lower than the latest market price. Such orders will be regarded as market order, and then executed immediately at the best price in the market (the upper limit is the preset transaction price) (0.05% service fee will be charged according to the liquidity extractor if the market depth can be met).
In addition, a limit order can also be used to partially or completely close positions and stop profit limit orders. The advantage of price limit order is that it can ensure the transaction of orders at the ideal price, but it also needs to face the risk of uncontrollable transaction speed or even non transaction of orders.
What is trigger order?
A BitVenus trigger order can let trader preset trigger price, and the system will automatically place order when market price hits the trigger price (If the order is completed then a 0.05% handling fee will be charged). A trigger order cannot be successfully triggered with 100% chance, and it may fail to place order due to price limit,insufficient margins, positions and market conditions.
What are the advantages of trigger order?
Trader can use trigger order to open a trending position, and margins will not be frozen before the trigger order is triggered. If an order is completed, a new position will be opened. If an order fails, trader can still keep the margin so that the trader can capture the trend while maintaining maximum available funds.