Making your first trade on FMFW.io Exchange
All you need to know to successfully place your first order on our exchange.
If you’re reading this, you’re most likely interested in starting to trade cryptocurrencies on our exchange. If you’ve used other exchanges before, most of it will be pretty intuitive to you. However, anyone who is totally new to the world of crypto-exchanges will get a detailed guide on how to start trading with us in this article.
Create Account and 2-FAuthenticate yourself
First things first, as for most platforms, you’ll need to create an account before you start trading. After deciding on a password and verifying your email address, please also set-up 2-Factor-Authentication either with the Google Authenticator or if you’re the proud owner of a yubikey, with yubikey. We can’t stress the importance of 2-FA to securing your account enough. If you want a deep dive into that topic, click here.
The next step will be to deposit the first cryptocurrency to your exchange account. To deposit, simply go to the deposit icon in the top right corner of your account and choose the currency you want to deposit. When you click on the currency of choice, it will generate your wallet address. Simply sent your crypto to this wallet address and wait. Depending on the currency, it can take some time until deposits are credited. For BCH transactions the process is faster as we credit deposits after just two block confirmations.
Another way of depositing into your account if you don’t have any crypto is to buy crypto with credit card or apple-pay on our exchange. For more details on that, check out this blog post.
Transfer to the trading account
Now that you’ve successfully deposited crypto on your main account, the only thing you still have to do before you’re ready to trade is to move funds from your main account to your trading account. In case you wonder about this set-up, this serves merely accounting purposes. The Main account is used for depositing, withdrawing and storing coins while trading account lets you trade directly.
Go to the Markets
Congratulations for making it thus far. Now you’re all set up to place your very first order. We can’t really help you with the decision on what to buy, but with our charts, you can get a good idea on trends.
If you go to the exchange tab, you will get an overview of all the markets. Click on the market you want to trade on.
Choose your order type
To make matters more confusing for novice traders, there are different kinds of order types.
A market order is an order to buy or sell a crypto-asset at the best available price and is usually executed immediately. The price at which you buy or sell will consequently differ according to your timing.
With limit orders, you can set a price at which you want to buy and a price at which you want to sell. However, the order will only be executed if the specified price is reached unlike with market orders. Limit orders make it easier for you to control your budget and minimize losses in case of decreasing prices.
Within limit orders, you can define, how long orders should be active. With “Good-till-cancelled” your order will last until it’s either completed or cancelled. When choosing “Day” your order will expire if not executed during the day it was placed. A day ends at 0:00 UTC.
With the “Good-till-Date/time” option you can define how long an order should last before being cancelled if not executed.
The last two options you have are “fill-or-kill” and “immediate-or-cancel”. They seem to be similar, but there is a major difference. “Fill-or-kill” orders have to be fulfilled immediately and entirely or the whole order will be “killed”.
Even though “immediate-or-cancel” sounds as if the order has to be fulfilled or will be cancelled, it allows for orders to be filled as much as possible immediately with the defined requirements without the whole order being fulfilled entirely. If part of the order wasn’t fulfilled, this part would be cancelled.
With scaled orders you can create a set of multiple orders at once. This can be useful if you want to consistently sell or buy portions of a cryptocurrency.
Instead of creating all orders manually, you can define the amount you want to sell, the price steps (difference in prices between different order’s price) and a min and max. Price. All orders will be projected within your defined min. and max. price interval.
In the next step, you can customize the orders to either be flat meaning all orders will be equal in amount or up/down. When choosing up or down it means that the order amount increases or decreases with the price. Before creating your orders you can give them a final check by clicking the show button. As soon as you hit “sell” multiple orders will be created. All of them can be seen and individually cancelled in the Reports page.
Let’s give it a try
For demonstration purpose, we’ve decided to buy 1 GHX on our exchange. After depositing some BTC on our exchange account, we headed over to the Exchange and clicked on the GHX/BTC pair.
After looking at the chart for a bit, we could place our order. As we wanted to get GHX immediately and considered the market price good enough, we just went for a market order. The price in BTC was immediately calculated and then you can hit “Buy Market”.
After placing the order we got the notification that our order has been placed. Just a few seconds later, you would have the GHX in your wallet.
To check all trade orders, you can simply check out the My Trades section under the Reports tab. There you will also find the trading fee because…nothing in life is really free ;)
Cancelling your order
In case you have changed your mind about an order, you can cancel it on the same “My Trades” page. However, please note that you can’t cancel orders that have already been fulfilled.
Another option to cancel your order is to go to the My Orders and Trades Box on the Exchange (you can find it below the charts and markets) and choose the active trade you want to cancel.