An open order is a market offer to sell or buy one currency for another.
Its execution depends on current market demand and supply. An offer that is significantly higher than the current market price is not likely to be filled. Conversely, an offer that is lower than the current market price is likely to be filled quickly.
Each open order requires a 5 XRP reserve and setting or canceling a trade order counts as an action on the XRP Ledger which means that a transaction cost will be deducted from your XRP balance.
To open a trade order
Go to “TRADE”
Choose your trade pair
Enter your GateHub password if prompted
Choose “BUY” or “SELL”
Enter two of the following and the last value will be calculated automatically
Amount - how many units of an asset you want to buy/sell
Price - how many units of asset 1 per one unit of asset 2
You Pay/You Get - how much you want to spend/how much you wish to receive
Note that trade pair can be switched by clicking the arrow icon between your trade pair available balances.
Important: Trading fees are not calculated in the inserted amounts. Fees will be deducted at time of order execution.
Possible scenarios for an open order:
Order is filled - other orders in the order book matched the order.
Order is partially filled - market offers matched and a part of the order was executed. All offered funds were not traded. Such an order will stay in the order book until filled completely or canceled.
Order is not filled - offer was not matched by any other market offer. Such an order will stay in the order book until filled completely or canceled.
***Order canceled due to lack of funds
The order book is located in the center of the screen.
Green values indicate the current highest buy offers.
Red values indicate the current lowest sell offers.
Clicking any open order in the order book will automatically copy the price to your trade interface.
Instantly exchange your funds
If you wish to exchange funds instantly you can do so through EXCHANGE. Note that opening an order allows you to determine the price at which you want to sell or buy an asset.
In Exchange, this is done for you by calculating from current market orders.