How to make your first trade on the order-book exchange - Mine Digital

How to make your first trade on the order-book exchange

Posted on: November 28, 2019
in:

Mine Digital

Mine

How do I buy or sell digital assets?

The Mine Digital Exchange facilitates the trade of digital assets. Each user must create an account, verify their identity and fund their account with either fiat currency or digital assets.

To place a trade, sign into you exchange account here

Select the ‘Trade’ tab


Mine Digital has 3 order types from which to choose.

  1. ‘ MARKET ORDER’
  2. ‘ LIMIT ORDER’
  3. ‘ FILL AND KILL’

MARKET ORDER 

A market order is a type of order on the Mine Digital Exchange. A market order transacts at the best available price and volume on the exchange at the time that the order is generated.

Choose the pair you’d like to use in trading, make sure you also click on ‘Market in the enter order’ tab.


To initiate your order, you can use the ‘enter order’ window, or click on the market depth to bring up a new order window. Or, right-click on the instruments on the left hand side.


You can use the window that pops up to place the order. Enter the details of your trade and select ‘Place Buy order’.


LIMIT ORDER

A limit order is a type of order on the Mine Digital Exchange. A limit order transacts with the market at the price that is nominated in the order creation process.

Although a limit order provides control over which price the user transacts at, it provides less certainty that the order will transact at all. Whether the order is filled or not is a function of the behaviour of the overall market.

Choose the pair you’d like to use in trading, make sure you also click on ‘Limit” in the Enter code’ tab.


Bring up an the ‘Enter Order’ window by selecting the depth or right-clicking on the asset you wish to transact in. Enter the details of your trade and click ‘Place Buy Order’ once done.

Please note that the market will not necessarily trade at the price you nominate in a limit order.


Once the order has been placed, it will show up on the lower part of the screen under ‘orders’.


Fill and Kill

The Fill and Kill order requires all or part of the order to be executed immediately or it will be cancelled. When an IMMEDIATE OR KILL order is placed to the system, the order engine will attempt to execute it according to the order specifications. If the order cannot be executed or can only be partially matched, the system will automatically cancel the order or the unexecuted part of the order.

Choose the pair you’d like to trade, make sure you also click on ‘FAK (FILL AND KILL) in the Enter code’ tab.


Right click on the pair you choose, click the ‘buy’ in the dropdown menu, then enter the ‘Total Qty’ and ‘Limit Price’ then click ‘Place Buy Order’ once done.


Once the order has been placed, it will now show up on the lower part of the screen under ‘orders’.


What kinds of digital assets do we support?

Mine Digital Exchange currently supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).

Are there minimum order limits?

Yes, minimum limits exist in order quantity, order price and total order amount. Orders that do not meet these minimum limits will not be accepted.

The minimum limits are as follows:

​ Bitcoin (BTC): Quantity: 0.01

Bitcoin Cash (BCH): Quantity: 1

Litecoin (LTC): Quantity: 0.1

Ripple (XRP): Quantity: 100

Ethereum (ETH): Quantity: 0.0001

Why is my Available balance different from my Total balance?

Limit orders that have not been executed are called open orders. When there is an open order placed, the funds that you placed for the order will be put on hold until your order is filled. Hence, until your order is executed, your ‘Available Balance’ will show a lower amount than your ‘Total Balance’.  Users can edit and cancel an open order anytime.


How does Mine price digital assets changes? Why is the price on Mine different from other exchanges?

All the prices shown in our orderbook is the accumulation by the trades made by Mine users. Hence, the price shown in the platform might be different from other platforms.

The Rabble

The Seriousness of De-Centralised Finance

Although many of us are tied to the success of Bitcoin, Cryptocurrency, Blockchain and tangentially de-centralised finance, the necessity of De-Centralised Finance and the will towards creating it is overlooked and undersold to the wider public, especially for those already operating in the functioning systems, the antiquated Commonwealth Bank of Australia and voracious Goldman Sachs.

Read More »
The Rabble

Why Bitcoin Is Not Failing

Recent price movements in Bitcoin have brought out the negative headlines with the usual suspects such as Peter Schiff, who believes he is taking a lap of honour and Nouriel Roubini, the eminent professor who has chosen blockchain – the system he believes is fraudulent and will ultimately fail – as the subject matter of his pinned tweet on Twitter.

Read More »