Can you describe the order placing process of Ouyi Contract in simple language?

Understanding the Order Placing Process on Ouyi Contract

Ouyi Contract offers a user-friendly platform for traders to participate in cryptocurrency derivatives markets. The order placing process is designed to be streamlined and intuitive, making it accessible to traders of all experience levels.

Key Points

• 1. Selecting the Right Trading Pair: Choose the desired cryptocurrency pair that you wish to trade, such as BTC/USDT or ETH/USDT.
• 2. Specifying the Order Type: Determine the type of order you want to place. Ouyi Contract offers several order types including Limit Order, Market Order, Trigger Order, and Take Profit/Stop Loss order.
• 3. Setting the Order Parameters: Define the specific parameters of the order, including the price, quantity, and any advanced settings.
• 4. Previewing and Confirming the Order: Review all the order details carefully before confirming the execution.
• 5. Monitoring Order Status: You can track the status of your order in real-time through the Ouyi Contract trading interface.

Step-by-Step Guide

1. Selecting the Right Trading Pair

• Navigate to the "Contracts" section of the Ouyi platform.
• From the drop-down menu, select the desired trading pair (e.g., BTC/USDT, ETH/USDT).
• The trading interface will display the live chart and order book for the selected pair.

2. Specifying the Order Type

• Limit Order: Set a specific price at which you want to execute the order. The order will only be executed when the market price reaches the defined price.
• Market Order: Execute the order immediately at the current market price.
• Trigger Order: Place an order that will be executed when a specific trigger condition is met (e.g., price reaching a tertentu level).
• Take Profit/Stop Loss Order: Set a price level at which you want to automatically close the order to take profits or limit losses.

3. Setting the Order Parameters

• Price: Enter the desired price for a limit order. Market orders do not specify a price.
• Quantity: Specify the amount of cryptocurrency you want to buy or sell.
• Leverage: Adjust the leverage ratio to increase (or decrease) the potential returns (or risks) of the trade.
• Advanced Settings: Explore additional options such as time-in-force (TIF), post-only, and maker/taker fee adjustments.

4. Previewing and Confirming the Order

• Review all the order details, including the trading pair, order type, price, quantity, leverage, and advanced settings.
• Ensure that all the information is entered correctly.
• Click the "Buy/Long" or "Sell/Short" button to confirm the order execution.

5. Monitoring Order Status

• Once the order is placed, it can be monitored in real-time.
• The trading interface will display the current status of the order (e.g., New, Partially Filled, Filled, Canceled).
• Traders can adjust or cancel the order if necessary.

FAQs

Q: What is the minimum order size on Ouyi Contract?

A: The minimum order size varies depending on the trading pair. Specific information can be found on the platform's trading interface.

Q: Is there a fee for placing orders on Ouyi Contract?

A: Yes, Ouyi Contract charges a maker/taker fee for all executed orders. The fee structure varies depending on the trading pair and the user's VIP level.

Q: How can I cancel a pending order?

A: Pending orders can be canceled through the trading interface by navigating to the "Open Orders" tab and clicking the "Cancel" button.