HOW TO BUY AND SELL CRYPTO ASSETS ON THE DACXI EXCHANGE?

It’s easy to buy and sell crypto assets on the Dacxi Exchange. Ready to learn? Let’s take a look at the order book and place a buy and sell order.

Transcript

Hi Everyone, today we’re going to learn how to buy and sell crypto assets on the Dacxi Exchange.

First, you’ll need to have signed up and verified your account and deposited either fiat (remember fiat means a government currency like the US dollar) or crypto. If you need help doing that, check out the previous videos! 

When you’re all set to go, lets head to the “Trading” page. 

The first thing to understand is that when you place an order, you’re instructing Dacxi’s Exchange matching engine to buy or sell a crypto asset at a given price. That order will only be executed if a buyer or seller is willing to fulfil the other side of that trade. In other words, if I’m selling Bitcoin at a certain price, my order will only be executed or completed when someone is willing to buy Bitcoin at that price. That might happen at the time I make my order, because someone is already willing to buy at my price, or it might happen in the future, in which case my order will sit in the order book until someone is willing to buy at the price I’ve asked for.

Let’s look at how to place a BUY ORDER

Navigate to the trading screen and select the currency pair you wish to trade. A currency pair means which crypto asset you want to trade. In other words,  the currency pairdescribes a trade between one type of crypto asset and another. For example, the “trading pair” ETH/BTC. With ETH/BTC you can buy Ethereum with Bitcoin, or Sell Ethereum for Bitcoin.

So here on the trading screen, click here on the right hand side where it says BCH/BTC and that will show all of the available currency pairs.

I’m going to select DAC/USD. That means I can buy DAC with USD or sell DAC back to USD.

I can see the current DAC price is USD 0.008, and here’s the latest DAC trades

This chart shows the price history of this currency pair

Here is the order book for the DAC/USD currency pair.
The order book is a ledger containing all outstanding orders – instructions from traders to buy or sell DAC. An order to buy is called a “bid” and an order to sell is called an “ask.” Bids and asks are paired up as soon as their requirements are fulfilled, resulting in a trade

We can see the bid or buy orders on the left and the ask or sell orders on the right. The difference between the highest bid or buy order, and the lowest ask or sell order is called the spread. The order book is useful as it gives information on who wants to buy or sell DAC at what price, which can help us make our own decision on what price we might want to buy or sell DAC at ourselves.

We can see that highest big is 0.002 and the lowest ask is 0.006, so if we aim to buy at 0.005, we’re in the zone where the action is.

And here I can see how much DAC or USD I have to trade with

Okay, lets buy some DAC

“Remaining” is how much USD I have to buy with

In “Amount” I’m going to buy 1000 DAC. “Amount” means how many DAC I want to buy.

“Bid” means the value of DAC in USD terms. So in this case, I’m going to bid 0.004, in other words, 1 DAC = USD 0.004

“Fee” is the fee I’ll be charged to make this trade

And “Total” is the total amount of USD you’ll pay for your order. So in this case I’ll pay USD $4 to buy 1000 DAC.

Make sense? It’s easy once you get your head around it and have placed a few orders.

Now I’m going to hit “Buy DAC” and look here is my order in the Order Book under “Buy Orders”.

Now my order will sit here in the order book until it is filled, or until I decide to cancel the order in the “My Orders” section

SELL ORDER

Sell orders work the same way. So really quickly, let’s place a sell order.

“Remaining” is how much DAC I have to sell

In “Amount” I’m going to sell 1000 DAC. “Amount” means how many DAC I want to sell.

“Bid” means the value of DAC in USD terms. So in this case, I’m going to bid 0.005, in other words, 1 DAC = USD 0.005

“Fee” is the fee I’ll be charged to make this trade

And “Total” is the total amount of USD you’ll be paid for your order. So in this case I’ll make USD $5 selling 1000 DAC.

Make sense? It’s easy once you get your head around it and have placed a few orders.

Now I’m going to hit “Sell DAC” and look here is my order in the Order Book under “Sell Orders”.

Now my order will sit here in the order book until it is filled, or until I decide to cancel the order in the “My Orders” section

Finally, down here, we can see “MY ORDERS”.

This is a list of all of my current orders and theirstatus - which can be Open (pending a match), Closed (filled/completed/matched) or Partially filled (when you got a price match, but not yet the full amount). You can also Cancel open orders from this list.

And that’s how to buy and sell on Dacxi. It’s too hard once you know how right? What can be a good idea is to place a few buy and sell orders with low amounts while you get used to placing orders. 

Happy trading!