To buy, sell, or convert a digital currency on CoinJar Exchange, you must place an order. Unlike currency exchange within CoinJar, trades on CoinJar Exchange are made with other CoinJar Exchange users, and so the current price of the digital currencies on offer is determined by how much other users are willing to trade for.
How to trade
Transferring funds into CoinJar Exchange
If you don't yet have any funds available within your CoinJar Exchange to trade with, you must transfer them across from your CoinJar. CoinJar Exchange currently supports Bitcoin, Ethereum, Litecoin, and Ripple trading, which can be traded against Australian dollars and Bitcoin.
The Trade section
To place a new order, sign in to your CoinJar Exchange and focus on the Trade section. The details you provide within the Trade section will determine the type of order you wish to place, the digital currency pair you wish to trade between, as well as other parameters such as the amount and price of the trade.
Buying vs. Selling
With funds available in your CoinJar Exchange, you can choose to either buy a digital currency using a portion of your available balance, or sell that currency for another. You can switch between buying or selling by selecting the buy/sell toggle, or clicking a particular side of the orderbook.
There are two types of orders that can be placed - 'Limit' orders and 'Market' orders.
Limit orders are the default selection when trading on CoinJar Exchange. They allow traders to specify the amount and price of a buy or sell they would like to make. Once submitted, the order will enter the Order Book, and remain there until filled.
Market orders are a request to buy or sell immediately at the best price available. Once placed, existing orders in the Order Book are filled until your entire order is filled or there are no more offers on the Order Book. Before placing a Market order, you'll be provided with an 'Estimated Total' - an approximate price of the entire trade, taking into account the multiple price points that your order may need to be filled at.
In addition to the default "Good til Cancel", CoinJar Exchange also supports "Immediate or Cancel" and "Maker or Cancel" order types. "Good til Cancel" will cause your order to remain active until another order is placed to fill it. "Immediate or Cancel" will only place your order if it can be filled with the existing trades available at the time. "Maker or Cancel" will cancel an order if it would immediately fill another order on the Order Book.
For more details, please refer to the CoinJar Exchange Documentation Trading Rules.
Placing your order
Once you have selected your order details, your order can be submitted by selecting Place Order. Please note that a confirmation is not requested once Place Order has been selected regardless of the order type.
Once an order is submitted, it is listed in the Order History module. This tracks the time, amount, price and status of the order. If an order is completely or partially filled, the trade will then be listed in the Fills module.
If submitting a Market order, please note that several order entries may be generated to completely fulfil the order amount.
To cancel an order that has not yet been filled, hover over a particular order in Order History. Next to the order's 'Status' a small cross will appear. Selecting this cross will update the order to "Cancelled", removing it from the Order Book.