What is the process for placing entrusted orders on OYi Contract?

Using the OYi Contract trading interface, traders can automate their strategies by placing entrusted orders, such as limit or market orders, to buy or sell cryptocurrencies at specific price points, enhancing their trading capabilities.

Jan 24, 2025 at 11:42 pm

Key Points:

• Understanding Entrusted Orders
• Creating an Account and Verifying Identity
• Accessing the OYi Contract Platform
• Navigating the Trading Interface
• Placing a Limit Order
• Placing a Market Order
• Managing Entrusted Orders

What is the Process for Placing Entrusted Orders on OYi Contract?

1. Understanding Entrusted Orders

Entrusted orders are instructions placed with an exchange to buy or sell a cryptocurrency asset at a specified price or better. They allow traders to automate their trading strategies and execute trades when certain market conditions are met. OYi Contract offers two types of entrusted orders: limit orders and market orders.

2. Creating an Account and Verifying Identity

To place entrusted orders on OYi Contract, you must first create an account. This involves providing personal information, such as your name, address, and email address. You will also need to verify your identity by submitting a government-issued ID document.

3. Accessing the OYi Contract Platform

Once you have created an account, you can access the OYi Contract platform through the website or mobile app. Log in using your account credentials.

4. Navigating the Trading Interface

The OYi Contract trading interface consists of several sections. The chart section displays the price history of the cryptocurrency asset you are trading. The order book section shows the current buy and sell orders for the asset. The order entry section is where you place your entrusted orders.

5. Placing a Limit Order

A limit order specifies a maximum or minimum price at which you are willing to buy or sell a cryptocurrency asset. To place a limit order:

• Select the "Limit" order type.
• Enter the price at which you want to execute the order.
• Enter the quantity of the asset you want to buy or sell.
• Click the "Buy" or "Sell" button.

6. Placing a Market Order

A market order executes immediately at the current market price. To place a market order:

• Select the "Market" order type.
• Enter the quantity of the asset you want to buy or sell.
• Click the "Buy" or "Sell" button.

7. Managing Entrusted Orders

Once you have placed an entrusted order, you can track its status in the "My Orders" section of the OYi Contract platform. You can modify or cancel your orders at any time as long as they have not been executed.

FAQs:

• What is the difference between a limit order and a market order?

  • A limit order specifies a maximum or minimum price at which you are willing to buy or sell an asset. A market order executes immediately at the current market price.

• How do I know when my order has been executed?

  • You will receive a notification when your order has been executed. You can also track the status of your orders in the "My Orders" section of the OYi Contract platform.

• Can I cancel my order after it has been placed?

  • Yes, you can cancel your order at any time as long as it has not been executed.