Bitbuy Pro FAQ

The following trading pairs are available on Bitbuy Pro:

1. Bitcoin / Canadian Dollar (BTC/CAD)
2. Ethereum / Canadian Dollar (ETH/CAD)
3. Cardano / Canadian Dollar (ADA/CAD)
4. Bitcoin Cash / Canadian Dollar (BCH/CAD)
5. Litecoin / Canadian Dollar (LTC/CAD)
6. Solana / Canadian Dollar (SOL/CAD)
7. Ripple / Canadian Dollar (XRP/CAD)

Bitbuy Pro provides multiple ways to place a buy or sell order. Each order type slightly differs in its function, so it is important to know which one to use for what purpose:

• Good Til Cancelled (GTC) = The order will stay on the order book until it is filled, or until you cancel it manually. Unfilled GTC orders are cancelled automatically after 30 days. This is the most common method used to place orders.
• Fill or Kill (FOK)  = The order will either fill immediately at the requested price or be cancelled and funds will be returned to the trader. This is most often used by active traders or for large orders in order to mitigate the risk of significant changes in order value (known as slippage).
• Immediate or Cancel (IOC) = The order will fill as much as possible at the requested price, and any unfilled volume will be cancelled and the funds will be returned to the trader. This is used to avoid partially filled orders staying on the order book.

After you place an order on Bitbuy Pro, it usually fills shortly after the price meets your execution price. If this doesn’t happen, there are usually a few reasons why:

Price Didn’t Hit Execution Price

When you place a buy or sell order on Bitbuy Pro, the most important thing is your execution price. This is the price at which our platform will execute your instructions to buy or sell assets. If the market price of an asset doesn’t hit your desired execution price, your trade won’t be filled.

The solution here is to simply wait until the market price reaches your desired entry price, or to move your entry price closer to the current market price, to make it more likely that your order fills.

Price Hit Execution Price, But Still Did Not Fill

This is a rare situation whereby the market price matches your desired entry price, but your order remains in the “open orders” section and does not execute. 

In these cases, the cause is that there was not enough liquidity at your desired price to fill all orders set at that price. In some cases, the first order placed may be the first to be filled, but this is not necessarily the rule in all cases. 

As with the above case, the two possible solutions are to either wait until your order fills or move your order closer to the current market price, if it has only touched it briefly before moving away. 

Advanced Instructions Caused Order to Cancel

If you set your ‘Advanced Instructions’ to either “Immediate or Cancel” or “Fill or Kill”, your order may have been cancelled automatically by the system.

The above fill instructions are designed for traders who are looking to get an order filled immediately or have it cancelled if it does not match very specific conditions. 

For most limit orders, you should use “Good Til Cancelled”  instructions. This will keep your order on the order book until the price matches and fills it, or until you cancel it manually.

What is price slippage?

Slippage occurs when an order is filled at a price that is different from the requested price, and It usually happens during periods of high volatility or low market liquidity.

The difference between the expected fill price and the actual fill price is the “slippage”.

You can always use our Over-the-counter (OTC) services to avoid slippage and much more: https://bitbuy.ca/bitbuy-private-wealth-otc 

One of the main differences between Bitbuy Pro and Bitbuy Trade is the Order Book. With an order book, you can see the current state of the market for the asset you are trading – where other traders have placed buy and sell orders, and for what quantity of assets.

The order book is split between two charts for any pair. On the left side, in green, are all the orders to buy a given cryptocurrency asset. On the right side, in red, are all the orders to sell the asset. When a buy order and a sell order are at the same price, a match is found, and the trade executes. 

How to Read the Order Book Columns 

The order book has 3 columns:

1. Bid Price/Ask Price = This column lists the Canadian Dollar prices at which traders have placed orders.
2. Bid Size/Ask Size = This column lists the quantity of assets that are available at the price in the first column. The size column will always be denominated in the asset. For example, at the price of $39,881 CAD, a total of 0.0083 BTC is on the buy order book.
3. Bid Total/Ask Total = This column lists the aggregated total size of all orders up to a given point in the order book. It shows the total available quantity of an asset that is available at various prices. (CAD). For example, in the screenshot below, the order book lists a total of 4.5048 BTC available to buy.

The Depth Chart is a visual version of the order book. It lets traders see at a glance the aggregate of the current market, comparing the total buy orders and sell orders for any digital asset. 

How to Load the Depth Chart

1. Login to your Bitbuy account, and navigate to the Bitbuy Pro page.
2. Select the market you are trading.
3. Toggle the “Market Chart” view to “Depth Chart” 

How to Read the Depth Chart

On the left side, in green, you will see all available buy orders, arranged by price. On the right side, in red, are all available sell orders, arranged by price.

Between the two sets of orders you will find the “mid-market price”, which represents the price that sits between the best available buying (bid) price, and the best available selling (ask) price. 

The mid-market price will not always match the current market price, because the mid-market price references the average difference between the best bid and ask price, while the market price represents the last-traded price. 

The size of each segment of the chart represents the total volume of client orders at that level. The larger the wall, the more orders to buy or sell are set at that level. In a normal market, there will be more liquidity at prices further away from the current market, as orders closer to the mid-market price are filled and removed from the book. 

Lastly, the Depth Chart is interactive. When you scroll your mouse over any price point, you will see an icon which displays:

1. The price point in CAD
2. The available quantity of digital assets to buy or sell at that price point.

In summary, the depth chart provides an alternative way to visualize the current state of the market you are looking to trade in, providing you with a diagram of the quantity of assets available at any given price point.

Common error messages & resolutions