Sometimes last 2 years,2020, Luno Cryptocurrency Exchange platform changed their Exchange platform. This has lead to confusion among the Luno platform users.
To help those who don't know how to navigate their way on the new platform or how to make use of the trade Orders on Luno, or those that wish to learn more, this article is for you.
There are 3 different trade Orders on Luno exchange platform regardless of whether you are using mobile or desktop device.
They are:
- Limit Orders
- Market Orders
- Stop-limit Orders
We are going to explain them all and possibly give a brief example on how to use them here.
Limit Order
Limit order is the order you place on the platform to buy or sell cryptocurrency. Simple!
That is, a limit order had two aspects; there is "buy order and there is "sell order". A buy order can also be called bid while a sell order can be called ask.
Buy Order: When you are to buy a cryptocurrency on Luno exchange platform or other exchange platform, you place a buy order. This is done by clicking on Place Order and selecting Buy.
Related Post: How I Make Money Daily Trading Bitcoin On LUNO Platform
Limit order here is simple the equivalent price of 1 Bitcoin (or other cryptocurrencies) in local currency, you are willing to buy at.
If you’re trading crypto to crypto pairs, the limit order price will not be your local currency, but, the limit on the crypto that you’re using to buy another type of cryptocurrency, Example, if you are using Bitcoin to place a buy order for Ethereum, the limit order place will be in Bitcoin.
Sell Order: As explained on the Buy Order, sell order is the amount of 1 Bitcoin (or other cryptocurrencies) in local currency that you are willing to sell your crypto for. To place a sell order limit, you click on place order and then select Sell.
When you want to sell, you enter your sell limit order. This is the minimum price of the Bitcoin (or other cryptocurrencies) you are willing to accept for that amount of Bitcoin (or other cryptocurrencies) you are about to sell.
Note: When placing your order, click on "Limit" to set your own price.
You can cancel your buy/sell order anytime by going to My Order tab and click on that particular trade order. Cancel will appear, you can then proceed to cancel.
Market Order
This is also called a Taker order. This involves buying or selling at the prevailing market price. When you place a buy order at the prevailing market price or higher, your order will be filled (take place) immediately. Also when you place a sell order at the prevailing market price or lower, your order will be filled (take place) immediately.
When you place your trade order in this way, your order will take place immediately but at 1% fee.
To place your order, click on Place Order and select Market. Then select buy or sell depending on your trading purpose, followed by entering the best trading price that suites you.
Stop-Limit Order
Stop-limit order is almost the same as limit order, but it becomes active immediately the market has reached a set stop or trigger price that you set. Once the condition has been met, a limit order will be posted in the order book at the specified limit price you set.
A stop-limit order has 2 aspects: stop price and limit price.
" A stop price refers to the condition of the specified target price for the trade, and a limit price refers to the instruction for a trader to exit their position".
Once the stop price is reached, a limit order is automatically placed in the order book to buy or sell at the limit price or better.
The importance of Stop-Limit Order is to protect your from the volatility nature of Bitcoin and other cryptocurrencies.
To place a stop-limit order, click on Place Order, select Stop-Limit Order followed by selecting Buy or Sell.
Then set your Stop Price and Limit Price. Select Buy or Sell and click Place order.
Example, you bought 1BTC at ₦5,000,000 and you want to sell at higher price. You place a stop-limit order with Stop Price at ₦5,050,000 and Limit Price at ₦5,200,000. If there is a sharp decline in price below the stop price of ₦5,050,000, then a limit order is created at ₦5,200,000. Your order will now be active in the order book and will wait for the price to return to this level or above before being sold.
Conclusion:
Trading Bitcoin (or order cryptos) on Luno is simple so long as you know the interface, the trade charts and the right time to buy and to sell. I can assist you to teach you how to trade Bitcoin professionally and be making good daily profit with guarantee through my trading training ebook and video tutorial as well we private one on one training on WhatsApp.
Contact:
Tochukwu M.D.
+2348035217265 (Calls/WhatsApp).
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