bitqik Trading Rules

Trading Clearing & Settlement rules

bitqik uses an order matching system to match buy orders, or bids, with sell orders, or asks, to execute trades. bitqik does this by using computer algorithms. Matching orders happen when compatible buy orders and sell orders for the same asset happen at the same time. Generally, a buy order and a sell order are compatible if the maximum price of the buy order matches or exceeds the minimum price of the sell order.

The exchange will be scheduling maintenance times on a case-by-case basis in order to upgrade the exchange platform, evaluate any potential loopholes in the systems, and increase the security of the exchange platform as a whole.

User Friendly Trading Interfaces

  • The platform supports a variety of trading interfaces:Trading UI – High-performance, browser-based trading GUI providing a single point of entry for key market interactions: – Order management; Trade Reporting; Quote Management; Click-to-Trade; Real-Time Balance Update; Market Data

Order types

What is a Market Order?
A market order is when you want to place an order to buy or sell an asset at a market price. Placing a market order means you accept the risk of buying or selling at the best price that is on the order book.

Advantages of Market Orders
Using a market order means you can trade immediately without waiting for the exact price like a Limit Order. You will be able to trade fast using the best rate offered at the given time.

The disadvantage of Market Orders
One of the disadvantages of a Market Order is when Slippage occurs. As Investopedia defines,
“Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Slippage can occur at any time but is most prevalent during periods of higher volatility when market orders are used. It can also occur when a large order is executed but there isn’t enough volume at the chosen price to maintain the current bid/ask spread”.

What is a Limit Order?
A limit order is when you place an order to buy or sell assets at a specific price. It is usually an instruction to execute a trade at a state more favorable than the current market price. The instruction allows you to specify a minimum amount that you would be willing to sell. Or a maximum amount which you would be ready to buy digital assets on an exchange.

Advantages of Limit Orders
A trader can set their ideal price to execute a trade while saving their time of monitoring the market price. If the market reaches that level, a trade will be carried out without the need to monitor the market continually.

A positive slippage could occur to a Limit Order. If the current market price falls below the set amount, your position could be opened at a favorable price. Using Limit Order could be a useful risk management method to minimize a loss on a trade. A trader can stop a trade if the market reaches a level that is less favorable than the current market condition.

The disadvantage of Limit Orders
A limit order may never be guaranteed to be filled because the market price did not reach the amount you have specified. You might have an open order for weeks with no match because the market price never reaches your desired price.