How to Place a Limit Order on Midas Spot
Set a specific price at which you want to buy or sell. Your order will only execute when the market reaches your price.
A limit order names your price and waits. You give up certainty of execution and get certainty of price, which is the right trade whenever the market is thin or you are not in a hurry. Orders that rest on the book also earn the maker fee rather than paying the taker one.
Before you start
- A funded spot wallet, and a price you are actually willing to transact at rather than a hopeful one.
- An idea of where your price sits relative to the current book — above the ask or below the bid decides whether it rests or fills immediately.
Open the Spot Trading Screen
Navigate to the Trade tab and select your desired trading pair. Make sure you are on the Spot view rather than Margin or Options.
Select Limit Order Type
Tap the order type dropdown and select 'Limit'. Unlike market orders, a limit order lets you specify the exact price at which your order should fill. The order will sit in the order book until the market reaches your price.
Set Your Price
Enter the price at which you want the order to execute. For a buy limit order, set a price below the current market price to buy at a discount. For a sell limit order, set a price above the current market price to sell at a premium. You can also tap a price level in the order book to auto-fill.
Enter the Quantity
Specify how much of the asset you want to buy or sell at your limit price. The total cost (price multiplied by quantity) will be displayed, along with any applicable trading fees. Ensure you have sufficient balance to cover the order.
Place the Order
Review all details and tap 'Buy' or 'Sell' to submit your limit order. It will appear in your Open Orders section. If the market price reaches your limit price, the order fills automatically. You can cancel unfilled orders at any time from the Open Orders list.
If something goes wrong
- The order filled instantly at a different price.
- A buy priced above the best ask crosses the spread and takes liquidity. Price below the ask if you want it to rest.
- The order has sat unfilled for hours.
- The market has not reached your price. Either wait, or amend the price — amending cancels and replaces, so it loses queue position.
- Part of the order filled and the rest is still open.
- Normal. The remainder stays on the book at your price until filled or cancelled; the filled part is already yours.
Frequently asked questions
- How long does a limit order stay open?
- Until it fills or you cancel it, unless you set a time-in-force that expires it sooner.
- Does a limit order guarantee the maker fee?
- Only if it rests on the book. A limit order priced through the spread executes immediately and pays the taker rate.
- Can I edit the price after placing it?
- Yes, though it is a cancel-and-replace underneath, so the order goes to the back of the queue at the new price.