Here at Swyftx, we do not provide an order book of our own on the platform. Instead, we sources order book liquidity (buyers & sellers) from multiple exchanges across the globe, including Binance, to deliver you the best possible prices and spreads on the assets we currently list.
The Bid price represents the maximum price that a buyer is willing to pay for an asset and the Ask price represents the minimum price that a seller is willing to take for that same asset. As such, these prices will be displayed at different places on the platform as they serve different functions for each asset. Furthermore, the Mid price, is the A general at Market-value for an asset which is calculated by taking the average of the current Bid and Ask prices being quoted.
These Prices will be displayed in different areas on the platform as they serve different purposes. The Mid price will be the most commonly displayed price of the asset on the platform such as on the dashboard or in the Asset List as despite the difference of the Bid and Ask prices, the Mid price is considered the current average market price of the asset. This is done in order for our customers to understand the current value of the asset on the open market without having to overrun these areas with two different price points to consider, along with the other numerous pieces of information these areas display.
Furthermore, as noted earlier, the Ask price will be the price shown on the buy page when you are looking at purchasing asset. It is the lowest price that a seller is currently willing to take for that asset on the market. As such, this one will differ from the prices shown on the dashboard given that it is the current Ask price of this asset and the dashboard will display the Mid price of this asset.
The Bid price will be the price displayed on the sell page of the asset as this will be the current price a buyer is willing to pay for the asset given the current market conditions.
When viewing the asset's history via the chart function, you have the option available to view both of these prices on the charts functions and see each prices history for this asset by clicking the button shown below.
The "Spread" is the difference between the ask price and the bid price for an asset in the market. Spread, is a key indicator of the Liquidity of the asset. In general, the smaller the spread, the more buyers and sellers (ie. the better the liquidity). The spread is essentially the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept. An individual looking to sell will receive the Bid price while one looking to buy will pay the Ask price.
It's important to take the Spread into account when placing at Market Orders, if the spread is small you can estimate an entry close to the current Ask price. Conversely, if the Spread is large you can expect the entry price to be different to fill your requested order. This can potentially result in less favourable entry prices, especially relevant with low-cap coins.
If you would like any further information on these prices or the difference between them, please don't hesitate to get in contact with us via live-chat.