Bitbuy Pro Trade Guide

  • Updated

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Bitbuy Pro Trade is a web application where you can find more advanced trading features for Bitbuy marketplaces. All Bitbuy accounts have access to this tool. The purpose of this guide is to explain the different features and how the markets work on the Bitbuy Pro Trade platform.   

Summary: 

1) Available Markets (GIF included)

2) New Order (GIF included)

3) Order books (GIF included)

4) My Orders (GIF included)

5) How to cancel a Limit Order on Bitbuy Pro Trade (GIF included)

6) Market History (GIF included)

7) Depth Chart (GIF included)

8) Market Trade History

9) Need assistance?

10) Thank you for choosing Bitbuy!

* Click here for Bitbuy Over-the-counter (OTC) & Private Wealth Services

* Find out why Mr. Wonderful uses Bitbuy Private Wealth:

  • Best rates on Bitcoin, Ethereum, and over 100 other coins.
  • White-glove service with your own dedicated account manager
  • Early access approved coins coming soon to the Bitbuy platform
  • Connect with live traders for instant quotes – 7 days a week
  • Collaborate with industry-leading tax and account professionals
  • Minimum $25,000 investment

1) Available Markets

* Please watch the entire GIF below for a visual demonstration 

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The available markets list shows the different spot pairs available on the Bitbuy platform, selecting a different pair will switch to that market. As of right now, most pairs on our platform are Crypto-CAD, signifying that the market trades in Canadian FIAT for that crypto. 

Some market pairs are Crypto-BTC; for these markets, you would need to trade between Bitcoin and that respective cryptocurrency. Prices in the BTC spot markets are denominated in Bitcoin and Prices in the Fiat (CAD) spot markets are denominated in CAD. 

2) New Order

* Please watch the entire GIF below for a walkthrough on how to execute limit/market orders.

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What is an order?

An order is an instruction to buy or sell cryptocurrency on our exchange. As of right now, we offer two types of orders: Limit orders and market orders.

Market order

When you place a market order, your order will immediately fill (complete) at the best price available. If you are placing a market order to buy, you get the best offer price. If you are placing a market selling order, you will get the best bid price.  If there is not enough volume to fill your order at the best price, your order will continue filling at the next best price - this is known as price slippage. 

Limit order

Placing a limit order allows you to specify the price and quantity you are looking to trade. Limit orders go to the order book and remain open until either the market price hits the price indicated in your order, or if you cancel it yourself.

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 high periods of 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 

3) Order books

* GIF of a Bitbuy BTC order book

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The order book window is a live list of the open orders on a specific marketplace. The orders are submitted by your fellow Bitbuy users, and we do not set any prices ourselves.

The orders listed will be for the selected market you're looking at - by default this will be the BTC-CAD market. The lowest open selling offer is known as the 'best offer price' and the highest buying bid is known as the ''best bid price''. The difference between these prices is the 'spread'. All of these are listed in the order book window.

The order book lists limit open orders, and also shows the available quantity at these prices. The darker component (Red) shows 'limit' sell orders and how much quantity of an asset is available for buying at a specific price. The brighter component (Green) represents 'limit' buy orders and how much quantity of an asset is available for selling at a specific price. 

If you place a limit order, you will see a dot highlighting your order and price in the order book.

4) My Orders 

* Please watch the entire GIF below for a visual demonstration

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If you place a limit/market order, it will show up in the My Orders window. For limit orders, the order will show under 'Open' unless it has been filled and for market orders, the order will appear under 'Filled'.

You can see filled, canceled, and open orders by clicking the respective selector buttons. Also, you can toggle between 'this market' and 'all markets', the latter will show all orders across all spot markets, and the former will only show orders for the market that you are currently active on. 

5) How to cancel a Limit Order on Bitbuy Pro Trade: 

- All active orders are listed in the 'My Orders'' window on the bottom right of the screen.

- Click 'Open' in the 'My orders' window to view your open orders.

- Cancel an open order by clicking the 'cancel' button next to the respective order.

*Note: if you are not seeing an active order, please ensure that you currently have 'open' selected in the My Orders window, that you are in the correct Pro-trade market (BTC-CAD, ETH-CAD, etc.), or have 'All-markets' selected in the My Orders window.

* Please watch the entire GIF below for a visual demonstration

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6) Market History

* Please watch the entire GIF below for a walkthrough

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General info

The market history price chart information is outsourced from external exchanges and does not match our internal order book exactly. Sometimes there can be a large discrepancy in price between our platform and other platforms causing the chart to be quite a bit different from the live prices on Bitbuy.

The history chart shouldn’t be used for detailed analysis but for a general sense of the market. The order book is the information that should be used when making trade decisions as the orders on Bitbuy go through this.

What Are Indicators? 

Indicators are usually used by traders for technical analysis in Crypto and overall to forecast financial or economic trends. Technical analysis of crypto trading is based on the use of real-world data and trends to help predict the future of the market. Indicators include pricing and trading volume and are commonly represented on what traders know as a candlestick chart.

Various technical indicators are used to identify the right time to buy/sell. Some examples are: 

  • Chart patterns (including the Japanese candlestick chart)
  • Support and resistance (sometimes identified using a stochastic oscillator)
  • Relative Strength Index (RSI)
  • Trend Lines
  • Trading volume and momentum
  • Moving averages
  • Volatility (sometimes identified using Bollinger bands)
For more details about these indicators and how to do Technical Analysis for crypto trading, please click here: https://bitbuy.ca/guides/how-to-do-technical-analysis-for-bitcoin-trading 
 

Candlesticks

They are a visual representation of price action in markets and are helpful for traders to make decisions based on technical analysis of price and market. The candle itself can tell a lot about price and the pattern the candles emerge into is helpful in understanding momentum.

As shown in the GIF above, you can choose different candles on the market history graphic if you wish.

For more information on how to interpret them, please click here: https://bitbuy.ca/news/japanese-candlesticks-what-are-they-and-how-to-read-them

Time frame

Time Frame is the duration of time of a single price candle on a chart. For example, on a 5-minute time frame chart, each candle contains the opening, closing, high, and low price of that 5-minute.

As of right now, we provide 5 minutes, 15 minutes, 30 minutes, 2 hours, 4 hours, and 24 hours time frame charts.

7) Depth Chart

* Please watch the entire GIF below for a visual demonstration 

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The Market depth chart is a representation of an order book showing buy and sell orders for a specific asset at various prices.

The darker component (Red) shows the cumulative value of the asks, or sell orders, for a specific asset at various prices. The brighter component (Green) represents the cumulative value of the bids, or buy orders, for a specific asset at various prices

8) Market Trade History

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The Market Trade History window shows the most recent trades in that specific market line-by-line. It shows the quantity traded, at what price, and the time of the trade.  

9) Need assistance?

If you need further assistance regarding Pro Trade or else, please feel free to get in touch.

To reach us, click here 

* If you've had a positive experience with us or this guide, we would really appreciate it if you could leave a review for Bitbuy on one of these public sites, It should only take a minute: https://linktr.ee/bitbuy

             Thank you for choosing Bitbuy - A Wonderfi Company

 

 

 

 

 

 

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