In our previous blog post, we discussed how to buy Bitcoin with a market order at the current market price. Today we will take a closer look at another more advanced trading alternative to SpectroCoin Pro – limited orders.
Contrary to market orders, this option allows users to choose the preferred price for buying or selling cryptocurrency. Read on to find out what limit orders are and how to buy Bitcoin with this type of order on SpectroCoin Pro.
What is a limit order?
A limit order is an order type executed at a specified price or higher. In this way, traders take control of the prices they trade instead of buying or selling currencies at the current market price.
As long as the price is assured, the execution of the order is not. If the currency does not reach the designated price, the transaction will not take place.
Traders who place limit orders are called market makers. Each time they place an order, it is included in the order book. In other words, market makers add volume to the order book and limit orders help “make the deal”.
SpectroCoin Pro entitles market makers to a manufacturer discount of up to 0.1%. For more information on market maker discounts, see our blog post.
How to buy Bitcoin with a limit order at SpectroCoin Pro?
Step 1. Log into your account. With just one account, you can access all SpectroCoin services, crypto-backed loans and trading platforms included. You can access SpectroCoin Pro through the menu section of SpectroCoin, or connection directly on the website.
Step 2. Deposit the currency. Navigate to the “Wallets” section in the left side view of your account. Tap “Deposit” next to the currency you wish to sell for Bitcoin.
Then copy the deposit address and use it to withdraw assets from an external wallet to SpectroCoin Pro. If you want to transfer assets from your SpectroCin wallet, press “My SpectroCoin Wallet”, insert the amount you want to receive and click “Deposit”. Internal transfers are instant.
Step 3. Place a limit order. Once the deposit is made, enter the “Trading” section in the left side view of your account. Choose the market in which you want to trade your assets. For example, if you want to buy Bitcoin with Ethereum, press “BTC” and select the “ETH / BTC” pair.
Finally, scroll down to find the order section. Tap “Limit Order”, insert the amount you want to sell for Bitcoin and the preferred price for Bitcoin. Click on “Sell ETH” to place the order. Your order will be included in the order book and executed if Bitcoin reaches the price you specified in your order details.
That’s it! You have successfully placed a limit order to buy Bitcoin on SpectroCoin Pro.
You can also watch the video tutorial at how to buy Bitcoin with a limit order on our YouTube channel.
If you have any further questions regarding limited orders at SpectroCoin Pro, please feel free to contact our customer service via the LiveChat bubble available on our website or send an email to [email protected]