Trading - Limit Orders

Introduction

For traders seeking greater control over their trades, Elektrik offers the ability to perform Limit Order trades. These trades allow users to set specific prices for buying or selling, ensuring greater control over execution prices compared to market orders. This method reduces the impact of market volatility, as trades are executed only at a predetermined price, or after that price is reached in the case of Stop Losses and Take Profits, ensuring price certainty. Additionally, traders do not need to continuously monitor prices and can set an expiry date for these trades.

How to use Limit Orders

1. Accessing Limit Orders

Navigate to the Elektrik Exchange Swaps Page by clicking on "Swap" in the navigation menu.

Click on the Limit Order tab within the order form to begin the process of setting a limit order.

2. Setting Up Your Order

From the dropdown menu, choose the pair of tokens you wish to trade.

Specify the amount of tokens you want to swap.

Enter the price at which you wish the order to execute and set the duration over which the order will be active (order will expire after this duration should it not execute).

3. Choosing Order Type

Choose between "Fill or Kill" or "Partially Fillable" for how the order should be executed.

1. Fill or Kill: The order must be executed in its entirety immediately at the specified price or it will be cancelled.

2. Partially Fillable: The order can be executed in parts as the market reaches your target price.

4. Order Subtypes

Choose from vanilla limit order, take profit, or stop loss.

1. Limit Order: The order will execute when the price reaches reaches your set target and every time it hits that target again until it is executed.

2. Take Profit: The order will execute when the price goes above your set target, aiming to secure profits.

3. Stop Loss: The order will execute when the price drops to your set target, aiming to limit losses.

5. Approving the Token

If the token is not yet approved for trading from your wallet, click "Approve Token" at the bottom of the order form.

A wallet popup will appear, allowing you to set and confirm a spending cap for the asset.

6. Placing the Order

After reviewing all details, click on the "Place Limit Order" button at the bottom of the order form.

An order summary screen will pop up, here you can review the details of your order before executing. Confirm the order by clicking on "Place limit order.”

Your wallet will prompt a signature request. Review and confirm by clicking "Sign."

7. Managing Your Orders

A trader can also view all current and historical limit orders they have placed

Click the orders button at the top right of the order form to view all current and past orders.

Use the cog icon to make adjustments or cancel existing orders as well as access detailed receipts for each transaction.