Hello Klever Fam & DeFi Enthusiasts!
Today, we’re diving into the process of executing a swap order with a limit price on VoxSwap. This feature allows you to specify the exact conditions under which you want to trade one cryptocurrency for another, giving you more control over your trades. Let’s break it down step by step.
Understanding Limit Price
A limit price is a predetermined price set on a limit order. This type of order instructs the exchange to buy or sell an asset only when it hits the specified price or a better one. Here’s how it works:
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Setting the Limit Price: Determine the price at which you are willing to buy or sell the asset. This is your limit price.
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Placing the Limit Order: Enter the order on the DeFi platform, specifying it as a limit order with your chosen limit price.
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Execution Conditions: The order will execute only if the market price meets or exceeds your limit price. For a buy limit order, the market price must fall to or below your limit price. For a sell limit order, the market price must rise to or above your limit price.
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Non-Immediate Execution: Unlike market orders that execute immediately at the best available price, limit orders only execute when the conditions are met. If the market price does not reach your limit, the order remains unfilled.
Benefits and Drawbacks of Limit Orders
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Advantages: Limit orders offer price control, helping you manage costs and profits effectively, especially in volatile markets.
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Potential Downsides: There’s no guarantee the order will be filled if the limit price is unrealistic or if the market doesn’t move as expected. Set realistic limit prices to increase the likelihood of execution.
Step-by-Step Guide to Executing a Swap Order with a Limit Price on VoxSwap
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Connect Your Wallet: Open VoxSwap and connect your web-3 wallet. Select your preferred wallet from the supported list.
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Choose Trading Pairs: Select the cryptocurrencies you wish to trade. For instance, choose KLV and TRX as your trading pair.
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Enter the Amount to Trade: Specify the amount of the first cryptocurrency (e.g., KLV) in the “you pay” field.
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Set the Desired Conversion Rate: In the “Sell coin at price” box, input the price at which you want the first cryptocurrency to be converted into the second one. For example, if 1 KLV = 0.02397 TRX currently, but you expect KLV’s value to rise, you might set the limit price to 1 KLV = 0.02450 TRX. The swap will execute only if the market rate meets or exceeds this rate.
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Market Price Option: If you prefer to trade at the current market rate, select the “sell to market price” option to execute the trade immediately at the best available rate.
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Review and Execute: After entering the desired amount and limit price, proceed to payment. Input your wallet address, review the details, and click “swap now.”
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Viewing and Repeating Orders: You can view the details of your orders in the “orders” tab, including execution time, quotes, and transaction hashes. If you want to repeat a previous swap, use the “swap again” button to quickly set up the same trade without re-entering the details.
By following these steps, you can execute swap orders with precision and control on VoxSwap. Happy trading!
Additional Tips
For those looking to automate their trading strategies, using limit orders can be a great way to lock in profits or limit losses without constantly monitoring the market. The Klever Extension can further streamline this process, providing an even more efficient way to manage your financial transactions. Download it now
This article is based on the original content from the Klever blog: Swap Order Limit Price.