How to Trade - Reading time: about 3 minutes
Curious to know what it entails to trade crypto assets on an exchange? This piece gives you a bird’s eye view of what the trading process looks like on the ProBit Global exchange. It is a step-by-step guide on what you should know and do—-even as a newbie—-to complete a successful trade.
In This Article |
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How to Trade
Cryptocurrency trading entails buying and selling a digital asset via an exchange.
1) For a simple crypto trading experience, you will need to log in to your ProBit Global account (or create an account if you don’t have one already).
Basic information like your email address, password, and referral code would be required of you at this stage to complete the registration.
Afterward, you will need to fund your account to buy your desired asset. There are several options available to you on ProBit Global to fund your account.
You can make a deposit of the quote currency that would enable you to buy the preferred asset
You can buy crypto with a credit card to complete your order.
You can now also buy crypto with a bank transfer if you are eligible.
2) With ProBit Global’s simple user interface and a variety of altcoins to choose from, select Exchange to identify the token that you wish to trade.
Prepare to use either of the two types of buying and selling that ProBit Global offers: market orders and limit orders. In the search bar, type in the name or symbol of the token that you wish to trade. The current price will be displayed as ‘’Last Traded Price’’.
TIPS:
- Market orders
A Market Order on a cryptocurrency exchange is an instruction to buy or sell a digital asset immediately at the best available price in the market at the time of execution. The execution price is determined by the current top bid (for sell orders) or ask (for buy orders) in the Order Book, which may differ from the last displayed price due to market dynamics.
Market Buy Order: Executes against the lowest ask prices available in the Order Book.
Market Sell Order: Executes against the highest bid prices available in the Order Book.
If the order volume exceeds the available quantity at a specific price level, the system will automatically execute the remaining portion at the next best available prices until the order is fully filled.
Key Features of Market Orders
Immediate Execution: Market Orders prioritize speed, ensuring that trades are executed instantly at the best available prices.
Dynamic Pricing: The execution price may vary from the last displayed price due to changes in market conditions at the time of execution.
Slippage: The difference between the expected price and the actual execution price is called slippage. Slippage is more likely in markets with low liquidity or large bid-ask spreads.
- Limit orders
A limit order is a conditional trade based on set prices determined by the trader. Someone has to agree to the order before it could be completed. There are four types of limit orders on ProBit Global:
GTC - Good Till Cancelled order gets executed only at a specified price point regardless of the timeframe it takes to reach the point.
GTCPO - Good Till Cancelled Post Order is completed only when it can’t be executed immediately.
IOC - Immediate or Cancel Order executes a buy or sell immediately, in full or partially, canceling any unfilled portion.
FOK - Fill Or Kill order requires the transaction to be executed immediately and to its full amount or not at all.
3) You are almost set to make your trade. In the Buy or Sell sections under Limit, enter your desired buying or selling quantity.
TIPS:
Clicking on one of the prices in the order book (a separate list of buy (bids) and sell (asks) open orders for a specific trading pair) on either the buy or sell sides will automatically apply that particular price.
Clicking on the % bar will automatically apply X% of your holdings towards a trade e.g. clicking 25% (or 50%, 75%, 100%) above the Buy button would purchase BTC equal to 25% (or corresponding amount) of your total USDT holdings).
4) Once the desired price is set, press Buy or Sell.
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Trading Bots
ProBit Global has integrated bots that can help you find the most preferable trading strategy. Though using the trading bots has an advanced level of complexity, you can try out automated trading bots like BitUniverse, Hummingbot, Margin, and Deltabadger on ProBit Global to get a choice asset without missing the perfect timing to buy and sell.
