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

• 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.

• Determine the duration for which the order will remain active before it expires if not executed.

3. Choosing Order Type

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

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

• 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.

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

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

5. Approving the Token

• If your token is not yet approved for trading, 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.

• 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 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.