Swyftx supports 3 categories of orders, market, limit and stop. Broadly speaking, market orders will be traded immediately after they are placed and stop or limit orders will trade when the trigger price is reached. You can read more about each of the order types below.
Swyftx allows you to specify if you want to purchase an exact amount of the asset (eg BTC) or to spend an exact amount of the base currency (eg AUD). All orders placed by Swyftx, regardless of the type, when executed on the back end servers are filled as market orders. This means we can not ever 100% guarantee both how much to buy and how much to spend, you need to pick one or the other. Having said that the estimates are calculated in real time based off the size of your order so they should be pretty damn close.
In the below example we have elected that we want to buy exactly 1 BTC for approximately $8872.7493 AUD. Note the limited asset BTC is highlighted.
Market orders can not be placed if you do not have the balance available to execute the trade. It is recommended that in the case where you want to spend your entire account balance on a trade that you Limit using the base currency (AUD or USD).
Limit and Stop orders can be placed regardless of your account balance. If the order is triggered Swyftx will check your available balance at the time of execution. If you do not have available balances the order will be cancelled. The reason we allow this is so that you can place multiple orders with the anticipation that you will have available balance when the trade is triggered. Eg, Limit Buy 1 BTC @ $7000 AUD/BTC and Stop Sell 1 BTC @ $6500 AUD/BTC.
If you would like any further information on the functions of our platform, please don't hesitate to get in contact with us via live-chat.