Order Types Tutorial
In this tutorial, we will be looking at the different order types for spot trading.
First, let’s take a look at what an order type is and the different examples. An order type is basically what method you used to buy or sell crypto on OKEx.
The main types are Market, Limit and Trail.
Market ordering is to buy and sell immediately, and at the current market price.
Limit is when the lowest selling point and highest selling point are restricted and you can give your price, with OKEx matching that when the market reflects the price.
Trail is similar to Limit, and is when the trigger price and callback rate are hit, the order will be sent to the book.
So, now you understand the three main types, let’s look at how you can do each one.
Start by heading to the spot trading page. To do this hover over the spot drop-down menu at the top of the home page and select Spot trading.
You will be redirected to the Spot trading page. Here you will have your favorite crypto and it’s up to you which one to choose. Today we will use OKB/LTC as an example.
Now as you can see from the screen you have a lot of options for different trading variables.
The first we will show is Limit.
To execute a limit trade, be sure to select Limit as the order type, and choose whether you wish to buy or sell OKB or LTC. Choose your option, and then put in the amount you want. Then enter your fund password to complete.
Next up is Market. Make sure to choose your order type. Then drag the line along to see what percentage of your token you wish to purchase.
Once this is done, click buy and the transaction is completed there and then you should see a little “Success” and green tick pop up to show the completion of the transaction. But, just to be sure, always check your past orders to see if it has gone through.
Finally, let’s take a look at Trail.
Like before, choose your trading option. Remember if you are confused, OKEx provides descriptions next to each choice.
Now this one you have a few more options. First, you must determine the callback rate. We will set this at 1%.
Next, enter your trigger price, to let OKEx know when you want to buy and finally enter the amount of the token you would like to spend. Click Buy to complete. Simple.
As you are probably aware, there are many trading options. Not just market, limit, and trail. But, if you are just getting started with this is the best thing to understand.
For more trading option tutorials and other OKEx guides: