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How to specify the limited asset
When trading on Swyftx you have the flexibility to set the amount for your trades in either the crypto asset you're trading (e.g. Bitcoin) or the base asset you're trading with (e.g. Australian Dollars).
When you enter an amount into one of the two amount fields shown on the Buy/Sell screens, we'll highlight the tag in that field to indicate that you've elected this amount to act as what we call the "limited asset".
So why do we have a limited asset? In every order Swyftx can only ever guarantee either:
How much to spend (e.g limited by AUD); or
How much to receive (e.g. limited by BTC)
When you type in an amount of AUD, we'll show an estimate of how much that is worth in BTC and vice versa.
Difference between the trigger field and the amount field
When you select either a limit order or a stop order you'll see a new field appear. The trigger field is where you specify what price you'd like us to execute your order at. In contrast, the amount fields are where you specify the amount to either buy or sell at the trigger price.
Which asset to set as the limited asset in an order
Ok, so by now you should have a pretty good idea of what the limited asset is and how to use the trigger and amount fields (If you don't, go through the above examples again and test it out in the demo mode). Let's pull that all together into placing a trade.
In order to avoid the "Insufficient Balance" error when executing your trades we HIGHLY recommend the following rule of thumb when:
SELLING - Set your limited asset as the asset you're selling (e.g. BTC)
BUYING - Set your limited asset as the asset you're spending (e.g. AUD)
In the LIMIT BUY confirmation, the ~ symbol denotes the estimated amount. So what we can take from this order confirmation dialogue is that we will spend exactly $200 AUD in exchange for approximately 0.01656666 Bitcoin.
In the LIMIT SELL confirmation, we will sell exactly 0.01656666 BTC (the limited asset) in exchange for approximately $214.074838 AUD.
Swyftx will show you a warning error if you don't do this correctly. If you see that warning message, then double-check that rule of thumb above.
Why do you give the option to choose the limited asset then if this is the way it should be done?
In some cases you may want to do the opposite, aka, specify the exact amount of BTC that you'd like to Buy. Let's say you wanted to buy exactly 1 Bitcoin (because who doesn't want to own exactly 1 perfectly round Bitcoin right?) and Bitcoin is currently $35000, then you would need to make sure you have at least $35000 in your account balance, if not a little more, for the order to execute. Inversely, you might be running short on cash and want to just sell off $1000 of your Bitcoin, rather than having to calculate that yourself, you can just specify to sell $1000, and then make sure you have the amount of Bitcoin in your account that is estimated (approx 0.07738461 for this example).
Finally, there is no extra fee charged for setting these orders or cancelling them as the only fee charged is the 0.6% commission fee charged when the order is triggered.
If you have any further questions, get in touch with us via live chat.