Limit Order: A Limit Order is an order to buy or sell an asset with a restriction on the maximum price to be paid or the minimum price to be received (the "limit price"). Price needs to be quoted along with assets to buy/sell. This order will be promoted into the Order Book or executed/fills on reaching the limit price(it can be less for buy orders or more for sell orders).
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Before starting:
- You will need to create an account and complete verification
Getting Started:
- Go to the Metal X website and connect your WebAuth Wallet
- Choose your trading pairs
- For example, let's say you want to use the XPR/XUSDC pairs. Think of XPR as "asset 'A'" and XUSDC as "asset 'B'"
- Scroll down and click the "Limit" tab to start your Limit Order
- BUY: In order to make a BUY Limit order, you will stay on the left window
- This means you will be buying more of asset "A" by selling asset "B"
- For the AMOUNT section: enter the amount of asset "A" that you would like to buy; Enter the target price for asset "B" in the PRICE section
- The TOTAL section will determine how much of asset "B" will be sold once the target price is reached
- Click "Buy ____" once you're ready and authorize the transaction from your WebAuth Wallet
- For the AMOUNT section: enter the amount of asset "A" that you would like to buy; Enter the target price for asset "B" in the PRICE section
- This means you will be buying more of asset "A" by selling asset "B"
- SELL: In order to make a SELL Limit order, you will stay on the right window
- This means you will be selling asset "A" in order to buy more of asset "B"
- For the AMOUNT section: enter the amount of asset "A" that you would like to sell; Enter the target price for asset "B" in the PRICE section
- The TOTAL section will determine how much of asset "B" will be purchased once the target price is reached
- Click "Sell ____" once you're ready and authorize the transaction from your WebAuth Wallet
- For the AMOUNT section: enter the amount of asset "A" that you would like to sell; Enter the target price for asset "B" in the PRICE section
- This means you will be selling asset "A" in order to buy more of asset "B"
- BUY: In order to make a BUY Limit order, you will stay on the left window
That's it, you've successfully initiated a Limit Order! You can check your transaction status by scrolling down and checking the "Open Orders" tab. From there, you can cancel the Limit Order under the "Actions" section.
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Additional Resources
Click here to learn how to also place the following orders on Metal X:
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