What is Limit Order?
Limit Order enables users to set the buy or sell price of the coin. Users can enter the amount of HCN to spend from the account balance or the amount of HCN they wish to acquire in the toolbox as shown in the picture.
After submission, the order will be open and queued in the order book for order matching.• For a limit buy order, the order will be matched when the market price equals the set limit price or lower.
• For a limit sell order, the order will be matched when the market price equals the set limit price or higher.
For example, HCN has a value of 0.10 HDO in the Himalaya Exchange right now. Mr. A wants to buy HCN at a lower price and expects that the coin's price would drop to 0.09 HDO. He created a limit order of 0.09 HCN/HDO. If the price of HCN drops to 0.09 or lower, the Limit Order would match the Mr A’s buy request with the sell price.
Now that Mr. A. has received 1 HCN for 0.09 HDO, he believes that the price of HCN will go up and wants to sell his coins to make a profit. This time he creates a limit order to sell 1 HCN at 0.20 HDO. As soon as the price of HCN rises to 0.20 HCN/HDO or more, the Limit Order would match the Mr A’s sell request with the buy price.
In order for your Limit Order to become a transaction, there needs to be a buyer or seller willing to buy/sell at the price your Limit Order is set at.
- Enter the amount of HDO that you want to spend to BUY or choose the percentage of the amount that you want to spend. (100% is equivalent to the total HDO balance that you have in your account.)
- Enter the preferred price per HCN that you wish to buy.
- The Exchange will calculate the amount of HCN that you will receive based on the HDO that you wish to spend. (The trading fee will be calculated and deducted for you).
- Click BUY
You can check your order status by going to "OPEN ORDERS"