An open order is a market offer to sell or buy one currency for another.
Its execution depends on the 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 2 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 desired wallet.
- 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:
- Desired buy amount - how many units of an asset you want to buy/sell.
- Price per 1 unit - how many units of asset 1 per one unit of asset 2.
- Amount spent (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 the 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 - the 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 cancelled.
- Order is not filled - the offer was not matched by any other market offers. Such an order will stay in the order book until filled completely or cancelled.
The list of open orders is located in your XRP Ledger wallet below the wallet net worth or you can also access the list in "Trade" if you click on "Open orders" located on the bottom right. The list displays all open trade orders for a selected wallet. An open order can be canceled by clicking "Cancel" next to it. If the list is empty, there are no open orders for a selected wallet.
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.