The basics of Nocks Trade
Trading is very exciting, but your capital is at risk when you trade. Please only trade with money you can afford to lose. To help you along we’ve created this short tutorial about the basics of Nocks Trade. Below you’ll read how you use certain features and how long a deposit or withdrawal typically takes.
Also refer to Basic trading terminology if you’re not familiar with any of the trading terms.
A few key things to keep in mind
When you trade on Nocks Trade, please keep the following in mind:
- All (partially) filled orders are final
- Your capital is at risk when you trade
- You pay a fee of 0.25% per trade
There are some live stats available at the top of Nocks Trade. This is live data generated from the market.
- Last price — last price Gulden was traded for
- Volume — money flowing through the market in the last 24 hours
- Bid price — price the market is willing to pay
- Ask price — price the market is willing to sell for
- 24H high — highest price in the last 24 hours
- 24H low — lowest price in the last 24 hours
How to place a buy order
When placing a buy order you can choose between a Limit Order and a Market Order.
When placing a Limit Order you pick a price you want to buy all of the desired Gulden for. For example 0.25 EUR per unit and the amount you want to spend or the amount of Gulden you want to buy.
When placing a Market Order you pick the amount you want to spend at market value. This means your order will buy whatever it can at whatever price.
How to place a sell order
When placing a sell order you can choose between a Limit Order and a Market Order.
When placing a Limit Order you pick a price you want to sell all of the desired Gulden for. For example 0.25 EUR per unit and the amount you want to sell.
When placing a Market Order you pick the amount you want to receive at market value. This means your order will sell whatever it can at whatever price to collect the requested amount.
How to place a Stop Order
Stop orders are particularly advantageous to investors who are unable to monitor the market for a period of time. With a stop order, your trade will be executed only when the unit you want to buy or sell reaches a particular price (the stop price). Once price is reached , a stop order essentially becomes a market order and is filled. For instance, if you trade Gulden at a rate of 0.05 EUR, and you place a stop order to sell at 0.04 EUR, your order will only be filled if price drops below 0.04 EUR. Also known as a “stop-loss order”, this strategy allows you to limit your losses. However, this type of order can also be used to earn profits. For example, assume that you bought at 0.03 EUR and now the price has gone up to 0.04 EUR.
Placing a stop order at 0.04 EUR will profit you 0.01 EUR per sold unit, depending on how quickly the market order can be filled.
Viewing and cancelling your limit orders
Underneath the chart there is a tab “Open orders” here you can view your open limit orders, how much they’re filled or when they’re completely filled they will dissappear from your “Open orders” tab and become available under your “My order history” tab as the order has been closed and completely filled.
To cancel an open order simply click the blue icon at the right of your open order.
There are numerous ways we keep you informed of your filled orders. When an order is partially or completely filled you receive a notification in the top-right corner of your screen, when you’re logged in and on Nocks Trade. You can also view your order history by clicking on the “My order history” tab underneath the chart.
You can withdraw funds from your account by clicking the Deposit/Withdraw button at the top of the page. There you can choose whether you want to deposit or withdraw funds, in this example we’ll choose Withdraw.
Reminder: You will need the 2FA app you used like Authy or Google Authenticator.
1. Select the currency you want to withdraw.
2. Choose where the funds need to be withdrawn.
You can use the link “Add more withdrawal addresses” to add another IBAN or Gulden address you want to withdraw to. Or go to Settings > Verified addresses.
3. Confirm your withdrawal.
You can deposit funds from your account by clicking the Deposit/Withdraw button at the top of the page. There you can choose whether you want to deposit or withdraw funds, in this example we’ll choose Deposit.
1. Select the currency you want to deposit.
2. Follow the deposit instructions.
Keep in mind you can only use your verified IBAN account(s) to deposit EUR. As a reminder your already verified IBAN accounts will be listed top-right. You can add more IBAN’s by going to Settings > Verified addresses.
3. Wait until your funds are available (+- 1 business day). You will receive an email notification upon arrival of funds.
Go to nocks.com/trade & experience the best currency trading for a low fixed fee of 0.25% per trade!