How to Trade Digital Assets on Bankera Exchange?

Bankera Exchange offers the next-generation platform designed to ensure seamless digital asset trading for users across the world. In this blog post, we would like to share a step-by-step guide explaining the trading process, as well as cover the different order types available on our exchange.

Bankera Exchange supports limit and market orders

Market vs Limit order: what’s the difference?

At Bankera Exchange users can choose between two trading order types to best suit their needs and help them trade effectively. The first order type ‘Market Order’ is the type of order that is filled immediately, against the best available price, as long as there are buyers or sellers available to match the order.

A ‘Limit Order’ option allows users to specify the price at which they would like to buy or sell a certain amount of cryptocurrency. The order is executed at the point when the market price reaches the limit set up by the user.

The market order option is recommended for the traders who value speed over price, as it allows users to execute their trades as quickly as possible at the current market price. The limit order, conversely, is favoured by the users who put emphasis on the value of the transaction and as such are designed to provide traders with more control over the purchase and selling prices of their trades.

Currently, Bankera Exchange offers the possibility to trade ETH/BTC, BNK/BTC, BNK/ETH, XEM/BTC, DASH/BTC pairs with more to be added in the near future. What is more, Banker (BNK) token pairs are free to trade regardless of the order type chosen. The full list of trading fees can be found in our Fees and Limits page.

How does the order execution work?

Before you can trade efficiently, firstly, you have to decide which order type you will choose: market or limit order. The order type selected will affect how your order is executed.

If you choose to trade your cryptocurrencies at the market price, as mentioned before, your order should be filled instantly. The price of your trade will be based on the best available price for your traded unit in the market. You can estimate it by looking at the “Order Book” section of the “Trading” view (see the illustration below).

Bankera Exchange order book example
Bankera Exchange Order Book (ETH/BTC)
  1. You can check the price of the last trade that occurred at the top of the Order Book.
  2. The “Bid” side of the Order Book lists all of the purchase orders submitted by platform users for the selected cryptocurrency. It shows the desired amount and price of the cryptocurrency users wish to buy. The first entry in the “Bid” section indicates a purchase order with the biggest offered price per crypto unit.
  3. The “Ask” side lists all the users’ orders for selling a certain amount of cryptocurrency they own for their wished price. The first order in this column indicates the selling order with the smallest offered price per crypto unit.

Let us say you would like to buy 2 ETH at the market price on Bankera Exchange. You would need to calculate how much you will pay for the trade by looking at the “Ask” section of the Order Book. Based on the list of orders provided in the illustration, you would receive 1.55 ETH for the price of 0.03284938 BTC per unit and the remaining 0.45 ETH for the rate of 0.03287762 BTC per unit, totalling to the trade of 0.06571147 BTC for 2 ETH (1.55 x 0.03284938 + 0.45 x 0.03287762 =  0.06571147).

However, even immediate order execution does not guarantee that the price which you estimated when placing your order is the exact price you will receive, as other participants that are trading on the platform might initiate the trade before you. In most cases, the price will be close to the buying or selling price you saw when placing your order unless the amount of your traded cryptocurrency is relatively large when compared to the available liquidity.

The limit order execution is more straightforward. As established before, the limit order will be filled for your chosen price when the market price reaches the selected price limit.

The order might not be executed, however, if the price set by the user cannot be met during the period of time in which the order is left open. By default orders on Bankera Exchange are Good ’til cancelled (GTC), meaning they will remain open until the user closes the order, or the order gets filled.

It is also important to note that limit orders are not absolute orders. Your order to buy a certain amount of cryptocurrency will not be filled above your chosen price, however, can be executed below the selected price if the cryptocurrency price in the market falls below your set limit before the order is filled.

Accordingly, limit orders for selling will not be executed for less than your chosen price, however, can be filled above your selected price, if the cryptocurrency price in the market rises before your order is filled.

How to place a Market order?  

Bankera Exchange users can exchange their digital assets at the market price in a few simple steps.

Step 1. Choose the trading pair you would like to exchange on the left-hand side of the trading view screen.

Step 2. Navigate to the orders section.

Step 3. Enter the amount of cryptocurrency you would like to exchange.

Step 4. Press “Buy” or “Sell”.

The exchanged assets will be deposited to the corresponding Bankera Exchange wallet.

How to place a Limit order?

If you would like to take advantage of our Limit order feature, follow the guide below.

Step 1. Choose the trading pair you would like to exchange on the left-hand side of the trading view screen.

Step 2. Find the orders section.

Step 3. Enter your preferred price.

Step 4. Enter the amount of digital assets you would like to exchange.

Step 5.
Click “Buy” or “Sell”.

Your order will be executed once there are other buyers or sellers available to match your request.

You can check the summaries of your orders in the “Trades” section, which is placed on the left-hand side of the page.

That is it! If you need guidance on how to register to Bankera Exchange, check out our blog post on how to set up your account for trading.

For additional questions regarding our service, please visit Bankera Exchange FAQ page or contact us via [email protected].