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 into another, more advanced trading alternative at SpectroCoin Pro – limit 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 order type at SpectroCoin Pro.
A limit order is a type of order that is executed at a specified price or higher. In this way, traders gain control over the prices they trade instead of buying or selling currencies at the current market price.
While the price is ensured, the order execution is not. In case the currency does not reach the designated price, the trade will not happen.
Traders who place limit orders are called market makers. Each time they place the order, it is included in the order book. In other words, market makers add volume to the order book, and limit orders help to “make the market”.
SpectroCoin Pro entitles market makers to up to a 0.1% maker rebate. Find out more information about market maker rebates in our blog post.
Step 1. Log in to your account. With a single account, you can access all SpectroCoin services, crypto-backed loans and trading platforms included. You can access SpectroCoin Pro through the menu section at SpectroCoin, or log in to the website directly.
Step 2. Deposit currency. Enter the “Wallets” section in the left side view of your account. Press “Deposit” next to the currency that you would like to sell for Bitcoin.
Then, copy the deposit address and use it to withdraw assets from an external wallet to SpectroCoin Pro. If you wish to transfer assets from your SpectroCoin wallet, press “My SpectroCoin wallet”, insert the amount you would like to receive, and click “Deposit”. Internal transfers are instant.
Step 3. Place a limit order. Once you make the deposit, enter the “Trading” section in the left side view of your account. Choose the market in which you want to trade your assets. For instance, if you wish to buy Bitcoin with Ethereum, press on “BTC” and select the “ETH/BTC” pair.
Finally, scroll down to find the order section. Press “Limit order”, insert the amount that you would like to sell for Bitcoin and the preferred price of Bitcoin. Click “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 at SpectroCoin Pro.
You can also watch the video tutorial on how to buy Bitcoin with a limit order on our YouTube channel.
If you have any more questions regarding limit orders at SpectroCoin Pro, don’t hesitate to get in touch with our customer support through the LiveChat bubble available on our website or drop an email at [email protected]