Dear Coinmate fans, we are happy to get back to you with a new addition to your how-to articles. Last time we described for you, how to deposit money to Coinmate and how to buy your first crypto with the help of Quick Buy option.
Todays text is about trading basics. We already showed you how to verify your account, and how to deposit funds to it, now it’s time to start with the fun stuff. Let’s start trading!
Easy to get around!
The trade view on Coinmate is as similar as on the other platforms. You can see all the needed information on one page, the graph of an exchange rate that could be adjusted for different timeframes, market volumes for the exact moment of trading history (grey columns below the graph), and open orders as well as last trades on the right side of the screen.
In the lower part of the screen, you can find your trading history and current open orders, and lower right corner occupies the most important part, there you can place your orders to actually trade.
How does this marvelous thing work?
There is no way to teach you the trading strategies since there is no 100% right recipe, but the same way as for cooking, we have a complete kitchen for you, and we’d love to explain what are all those tools for, so you can start preparing the meals from your cookbooks.
First you select the trading pair you want to use in the upper right corner of the screen, that switches to the according to market. You can review its current situation as well as its development, according to how wide timeframe you select in the upper part of the graph.
The current exchange rate is displayed on the right side of the screen right in between the ask and bid orders. Under that, you can see the fields where you can place your first order. Buy crypto on the left, and sell it on the right.
Market and Limit orders – the essentials.
The most interesting parts are the Market and Limit buttons. When you press the Market one, the current market prices are displayed in appropriate fields of the sell and buy option. They differ from the exchange rate, sometimes more and sometimes less, this is called spread.
It simply displays the difference between the asking and bidding price devised from the amount of the orders and their total value of one or the other side on the market. Bidding or Asking on Market price means trading on the current possible exchange rate and leads to fast trades.
The Limit order is kind of different approach, it lets you set up minimal price for which you are willing to sell and vice versa. These orders can take longer to process, but will be traded for the price you establish.
Once you place your orders, you will see them in Open orders tab. You can notice that they could be traded just partially. That happens, when the exchange finds a matching price, but a lower amount on the market, it trades just a part of your order. Even if partially traded, or not touched at all, you can always cancel your order by clicking on its X sign, and the remaining funds will reappear back on your balance.
And there you are, congratulations, your first orders are on the exchange and the exciting world of trading just opened for you. We hope you will have a lot of fun and profits on our site. Please stay tuned for more tutorials to come.