NitroEx Support

How do I trade cryptocurrency on NitroEx?

Buying and selling cryptocurrencies on NitroEx is simple and effortless. With the lowest trade fees in the market, we offer an array of cryptocurrencies to buy and trade against top market pairs.

Steps for placing a Buy/Sell order on NitroEx are as follows:

  1. Go to the NitroEx Exchange page.
  2. Select the kind of cryptocurrency you would like to buy/sell.
  3. Search for a market pair you would like to place your buy/sell order with.
  4. Select the trade type.
  5. Enter the amount you’d like to trade denominated in digital currency.
  6. Check the total balance and fees.
  7. Confirm the correctness of your order and click Place Order.
How do I buy Ethereum?

Ethereum is the second-largest cryptocurrency in terms of market capitalization. It extends a decentralized, open-ended platform for building smart contracts and decentralized applications (DApps). Ethereum network has no downtime and is free from fraud, control, or external interference for any third parties.

Steps for buying Ethereum on NitroEx are as follows:

  1. Click on the NitroEx Exchange page.
  2. Set the cryptocurrency selection to Ethereum.
  3. Select the type of market pair you’d like to buy Ethereum with.
  4. Opt for the trade type in accordance with your preference.
  5. Enter the Ethereum amount you would like to buy in ETH.
  6. Check the fees and balance.
  7. Review your order and click Place Order.
An Introduction To Order Types With NitroEx

Accredited as the fundamental trading unit of the crypto and securities market, an order is simply an array of instructions used to buy and sell cryptocurrencies on a trading platform. From financial derivative markets to stock markets, bond markets to cryptocurrency exchanges, an order is a crucial element of any trade or transactions.

Before investing in the crypto market, understanding how different orders work helps in shielding funds from the market fluctuations. Through this NitroEx guide, we intend to throw light on the most prevalent crypto trading orders.

Market order

A buy or sell order immediately executed at the best available current market price is termed as a market order. Such orders are put to use when a trader prioritizes the order execution and wants to quickly jump in and out of a trade with the price they get.

For instance, let’s assume that you have to sell your old laptop. You quote the price, say $1000, with a motive to filter the interested buyers. The buyer who is ready to shell out a $1000 finally becomes the lucky owner of the laptop! Now let’s understand how this works while trading cryptocurrencies.

The method is quite simple. A cryptocurrency exchange platform enables buyers and sellers to list their best values. If both parties reach a consensus, the order is matched, validating trades and immediately executing the orders in the most transparent and efficient manner.

Limit order

With limit orders, you can buy or sell your assets at a specific price or even better. A sell limit order can only be executed at the exact limit price or higher. Similarly, a buy limit order is executed at the specific limit price or lower.

Let’s consider that the buyer interested in buying the laptop has a budget of $900. He would then wait until the price of the laptop is lowered to $900 or less or if another laptop is available at his desired price.

In crypto trading, a limit order is expressed as a scenario when a trade meets the pre-defined constraints set by the seller or buyer. In case of a bearish market, the limit order is used to restrict the losses while also automating the transactions.

Stop order

Depending on the price movements, a stop order enables traders to limit their losses from an open position or adding to the position. The limit price indicates the worst market value at which the order can be matched. On the other hand, the stop price illustrates the market price, if reached, would lead to the stimulation of the stop order. It is broadly classified into the following categories:

  • Stop-buy order

  • Stop-loss order

Stop-limit order

It is a type of conditional order that combines the features of limit order as well as a stop order, extending higher trading precision to the investor. While making investments with the stop-limit order, you have to set two prices- activation price and a limit price.

For instance, suppose you have to buy ETH at a value of $235. You wish to invest only if you see a positive price trend. So, you place a stop-limit order, fixating the activation price at $240 and a limit price at $245. When the Ethereum value reaches the $240 mark, the limit order will get activated and your ETH buy order will be executed for as long as the price remains below $245. In case the price shoots above the mark, the order will cease to execute. This way, traders can control when to safely enter or exit the market.

Iceberg order

An iceberg order is a large single order, divided automatically into smaller limit orders to hide the actual order quantity. Akin to an iceberg, the bulk stays hidden, while a very small portion of the order is visible on the crypto market. Nevertheless, with trade automation, you don’t have to manually enter the orders for execution.

Such orders are beneficial for institutional investors, who buy and sell large quantities of crypto assets without causing major price fluctuations in the market.

Conditional orders

One-sends-other (OSO), one-cancels-other (OCO), and one-cancels-all (OCA) are known as conditional orders.

Depending on the execution of the first order, the next or several other orders are either executed or cancelled automatically. These orders are remunerative and can be advantageous for traders looking to establish strategies for trading cryptocurrencies with optimum efficiency.

Margin order

When you trade cryptocurrencies, investing in larger amounts mostly results in bigger profits. However, not every trader has the capital to execute trades of large sums. This is where the crypto exchange steps in to aid. It helps in borrowing funds to place orders, encouraging traders to invest and earn profits in bullish trends. At last, traders are necessitated to return the borrowed amount inclusive of a predefined commission.

Fill or Kill (FOK) order

Fill or Kill (FOK) order is defined as an order type that must be immediately filled in its entirety, at a pre-determined crypto price or better, or it gets cancelled.

For instance, if the best NTX/USDT ask price is 0.008USDT and there is just 1 NTX coin being sold at this price. In that case, with a FOK buy order of 1 NTX at 0.008 USDT, the order will be executed. On the other hand, if you place a FOK buy order of 2 NTX at 0.008 UDST, your entire order will be cancelled immediately and will not execute at all.

Immediate or Cancel (IOC) order

IOC order requires a part or all of the order to be executed immediately, where any unfilled parts of the order get cancelled. Unlike FOK orders which must be filled immediately or else they are not executed, partial fills are accepted with IOC orders.

For instance, if the best NTX/USDT ask price is 0.008 USDT for 1 NTX coin and you wish to place an IOC buy order of 2 NTX at 0.008 USDT. In that case, IOC buy order would execute only 1 NTX and would cancel the remaining 1 NTX order.

Final Thoughts

Cryptocurrency trading is modelled on the lines of a traditional forex market, enabling traders to earn profits from variation in the market prices. At the heart of the crypto trading industry lies the different order types that shape the entire crypto transactions.

At NitroEx crypto exchange, we furnish advanced trading features to buy and sell cryptocurrencies at the lowest trade fees. With multiple order types including market orders, limit orders, and stop-limit orders, we have streamlined the trading process, making it rewarding and efficient. We ensure that our interface caters to the different needs of beginner and professional traders, promoting them to have full control over their transactions.

If you wish to know more about how to trade cryptocurrencies with different order types, reach out to us at [email protected]

The significance of DAI Stablecoin in DeFi Space

Harnessing the potential of blockchain technology, MakerDAO is on a path to unlock and transform the global financial system. In December 2017, they invented a digital currency SAI, the only Stablecoin that was immune to censorship. The advent of SAI not only encouraged the existing wave of decentralized finance or DeFi applications but its successor DAI also played a pivotal role in fuelling DeFi integrations.

While DeFi projects on Ethereum network integrates a myriad of digital currencies, DAI has become the most used cryptocurrency in the decentralized financial space. Backed by a surplus of collateral and the Maker Protocol, DAI is a decentralized Stablecoin, softly-pegged to the US Dollar. Simply put, DAI is a better, smarter version of digital cash.

Why is DAI the most popular cryptocurrency in the DeFi sector?

DAI Stablecoin has opened new doors for the financial services industry. Transparent, borderless, and reliable, DAI furnishes stability and liquidity to the otherwise fluctuating crypto world. It offers features and advantages to traders that other cryptocurrencies can’t.

Unlike fiat-backed Stablecoin, DAI is an exceptional crypto-backed cryptocurrency hinged on Ethereum that maintains its steady value. It facilitates greater security, trust, and transparency across the crypto trading network. Moreover, the smart contracts that underpin the DAI’s protocols have been formally verified and thoroughly audited without the interference of any central organization.

DAI’s advantages have provided the DeFi community with a high degree of confidence in the Stablecoin’s utility and the features of the Maker Protocol. The benefits further contribute to the vibrancy, growth, and overall crypto network effectiveness.

Fast and Convenient 

Reckoned as a stable medium of exchange, DAI can be used for cross-border transactions, repayment of debts, and payment for goods and services. Transferring money across countries using traditional financial services can be time-consuming and expensive.

For instance, at the time of publishing this article, Bank of America charges $45 to wire transfer USD internationally while Western Union’s fee for sending every $1000 is $9. But since the Maker protocol is devised on the blockchain, traders can make peer-to-peer DAI transactions. Not to mention, the transfer would process within seconds and at a much lower rate of the traditional means.

A complete package

Banks and other financial companies require a handful of information from the would-be users including personal details, minimum deposit accounts, and even proof of good credit. These requirements can be a potential risk to share and can be stifling in many forms.

However, regardless of the economic standing, the DAI Stablecoin enables anyone, anywhere to gain access to the financial services, providing unparalleled financial freedom.

For instance, in Argentina, where inflation has plagued the entire monetary system, the government has put restrictions on capitals and withdrawals. Not only did it hurt sentiments of the nationals but also forced them to face a darker, bitter world. For such citizens, DAI furnishes a solution: easy and quick access to a more stable currency. One DAI token is of the same worth as it is in the US, Argentina, or anywhere else in the world. It can also be exchanged via a P2P network without any intervention from banks or third parties.

Trade DAI with NitroEx

As the Ethereum-based Stablecoin DAI continues to successfully maintain its USD peg, the faith in the cryptocurrency’s potential will keep on increasing. We, at NitroEx crypto exchange, understand the flair of DAI Stablecoin in the DeFi sector and the endless possibilities it has to offer in the crypto world. We enable traders and institutional investors to explore DAI utilities through NitroEx and extend the market to buy and sell cryptos at the lowest trade rates. If you wish to know more about DAI Stablecoin or want to trade DAI with NitroEx, reach out to us at [email protected]

How to deposit or withdraw my digital currency?

NitroEx only permits you to trade cryptocurrencies against market pairs. If you wish to make any deposits or withdrawals, you need to access your wallet.

Steps for cryptocurrency deposits:

  1. Go to your crypto wallet.
  2. Visit the Crypto Deposit page.
  3. Select the type of cryptocurrency you want to deposit funds in.
  4. NitroEx will automatically deposit funds in your account after getting confirmation from the network.

Note: Please do not deposit any other currency other than the one you have selected.

Steps for cryptocurrency withdrawals:

  1. Click on your crypto wallet.
  2. Select the Withdraw tab.
  3. Go to the Make Withdraw Request section.
  4. Input your withdraw amount.
  5. Fill out receiver address details.
  6. Enter your account password.

What is the minimum amount of crypto that I can purchase?

You can purchase or sell as little as 0.001 portions of a crypto coin on NitroEx crypto exchange denominated in your local currency, for instance, $1.

Our limits differ depending on the type of cryptocurrencies. For more details, please visit our NitroEx Markets page.

Why does a Buy/Sell order take so long?

When trading cryptocurrencies, the time it takes to receive confirmation after a Buy or Sell order is placed depends on several factors including:

The liquidity of the market being traded

The type of order placed

If the market is open for regular trading or not

Market conditions

Network speed

Several considerations go into getting your order executed and NitroEx has little to do with the market and crypto network conditions.

Why does a Buy/Sell order take so long?

When trading cryptocurrencies, the time it takes to receive confirmation after a Buy or Sell order is placed depends on several factors including:

  • The liquidity of the market being traded
  • The type of order placed
  • If the market is open for regular trading or not
  • Market conditions
  • Network speed

Several considerations go into getting your order executed and NitroEx has little to do with the market and crypto network conditions.

Why did NitroEx cancel my order?

At NitroEx, maintaining the security and privacy of traders’ information is our prime objective. We do not compromise on the integrity of crypto trades.

NitroEx ensures the safety of our traders & investors’ accounts, trades, and may decline certain transactions (deposits or withdrawals) if NitroEx observes any suspicious activity.

If you think your transaction shouldn’t have been cancelled, please follow these procedures:

  • Complete all the verification steps and verify your identity
  • Contact our support team so that your case can be further reviewed.