This week, the key issue was working with orders. How do active orders work? What are active orders and where to track them? So that you do not write to the Customer Support Department every time, we have collected all the points regarding this topic in one publication — and we will help you deal with the orders.
A sell order is an order to sell at a specified price or higher (since it is profitable for the seller to have the price as high as possible). A sell limit order is placed at a price higher than the current market price. A trader uses this order when he hopes that the price will first rise, but then, having reached a given level, will reverse and begin to fall.
Modern cryptocurrency exchange platforms allow traders to use multiple orders to increase accuracy and ensure safety. There are such types of orders:
- Market Order — the basic form of a trader’s order, indicating to buy or sell an asset at a bargain price that is currently available.
- Limit Order — it sets a specific price at which a trader wants to buy or sell an asset. Works only when the market price of the asset reaches the level specified by the user of the exchange.
- Stop-Loss Order is placed only when a certain price is reached. It can be paired with a market or limit order. That is, the key difference is that limit orders are already placed in the order book and anyone can see them, while stop orders are invisible in the order book.
- Scalable Order — it uses multiple limit orders to incrementally buy or sell.
- Passive Order — it is placed only when it cannot be immediately executed.
So Let’s Go Back To Active Orders
It is important to understand that active orders are not an order type. These are the orders that a trader selects, while transferring a specific amount of funds to execute such an order. In this case, any order becomes active, and the funds from your account are put into reserve.
All orders are processed by the system automatically and can be executed immediately or after some time. While orders are active, funds are not debited from your account — they are visible in the «Reserve» column in the «Finance» section. Please note that orders can be executed in parts, and in this case, you need to wait until the order is fully filled.
To navigate better, take a look at the sell / buy orders in the so-called «Order books» placed to the left / right of the order filling form in the desktop version of the website.
If a buy order was created and instantly executed, then there was a suitable sell order in the order book with the price you declared or lower (and a sufficient or higher amount). And vice versa: if the created sell order was instantly executed, then there was a corresponding buy order with the price you requested or higher (as well as a sufficient or higher amount).
If your orders remain active after a long period of time, we recommend that you check the relevance of the price — and cancel and re-create the order, if necessary.
To cancel an order, find the «Active Orders» tab under the order book and click «Cancel» next to the order you want to cancel.
Partially executed orders, if necessary, can also be cancelled, however, only the unused part of the funds will be transferred from the «Reserve».
If you need to clear up on how active orders work and why the funds go into reserve at the same time, the BTC-Alpha team recommends that you return to reading this post.
If you still have questions, you can always contact the specialists of our Customer Support Department — they work 24/7 to guard your trades. Stay on top, trade better with BTC-Alpha, and don't forget to subscribe to our news in Telegram.