Currently, Bitvavo only supports a Good Til Canceled limit order in the app, this order type has the following properties:
- Your order will be executed at the pre-specified minimum price or a better price for you.
- For a buy order, this is below your specified price
- For a sell order, this is above your specified price
- Your order will remain in the order book until it is executed or cancelled by you.
- Post only - (not yet possible)
The buy instructions will be explained in more detail below.
*As of yet, it is not possible to use high-risk products, such as leverage trading and 'short' and 'long' positions. The submission of multiple orders in one order, so-called 'One Cancels the Other' (OCO) orders are also not (yet) possible on our exchange or in the app.
Step 1: Click on the digital currency you wish to buy, in this example, we will assume Bitcoin (BTC)
Step 2: In this example, we are buying Bitcoin, click "Buy BTC"
Step 3: Click on Advanced to go to the Limit Order screen
Step 4: You are now in the limit order screen. There are three fields that you can fill in. Of these, the limit price is mandatory, then you can choose a quantity or total amount. By selecting one of the two
Field 1: Limit price
This is the fixed reference price you want to pay for the currency you want to buy). By pressing the current market price, the first field for the Limit price will be filled in automatically.
Field 2: Quantity
Select the amount of BTC you want to buy, and the total price is automatically calculated.
Field 3: Total (excluding fees)
Select the amount you want to buy BTC for, the amount of BTC will be calculated automatically.
The three fields are now filled in, click on Example buy order to get an overview of your order.
In the example below you can see the fields filled in.
Note: the total is exclusive of costs, please keep this in mind when proceeding to the next step. Suppose you have a credit of €100,- and the costs are 0,25% then you need to add €0,25 to your total. The cost of your order will be €100.25.
This is not possible as your balance is only €100, you will receive an error message if you continue. Choose lower amounts to be able to execute your order or check if you have any open orders.
Step 5: Check your Order preview and confirm your buy order
Step 6: Select Got it to continue, or choose to Place another order to go back to the orders screen
Step 7: Your order has now been placed in the order book. You can find it under the relevant digital currency in the Open orders option. Click here to go to the open order.
Step 8: click on the order to find the order details, here you can also cancel the order, unfortunately, it is not possible to update the order in the app.
Step 9: the Order details offer all information about your deposited order, choose "cancel order" to remove the order from the order book.