Cryptocurrency Purchase and Sale Orders

Surely even a beginner knows that if you want to sell cryptocurrency on the exchange, you must create an order. They are considered your application for the execution of the transaction of interest.

Orders for the purchase/sale are the main components in the formation of the main exchange instrument — a glass. This is the name of the list or table where all requests for the purchase or sale of cryptocurrency presented on the exchange are collected. The peculiarity of the glass is that it shows all requests that are close in price to the current rate. This allows traders to quickly navigate the market situation. Typically, glass consists of three positions:

• The first position is the supply rate;
• The second position is the total number of cryptocurrencies sold or purchased at the specified rate;
• The third position is the total amount of another cryptocurrency or fiat that is needed to complete the operation.

The glass displays the desire of traders to trade cryptocurrency at the rate of interest to them. For example, the user creates his order, and he falls into the glass. If there is already a counter offer at the same price or a little higher, then the deal is closed. In this case, the current value of the pair in question will be adjusted in the direction of the transaction just completed.

If there are no response offers in the glass, then the order will be left on the list until the next offer arrives, which can close it. Although the participant who placed it can cancel the order if the plans change before the order works. This cryptocurrency trading technique has proven effective.