In order to buy or sell cryptocurrencies, you must have an account on the COINZIX platform, and it must be verified by you and funded with euros or crypto. If you do not meet these criteria you can access previous tutorials.
Create an account
Before starting any buy or sell order it is important to understand the types of orders available on the COINZIX platform. For this example, we will use the BTC/USDT pair being the most popular. Go to the “Markets” button and select the BTC/USDT pair.
First, you need to understand how the Order Book works. It is represented by the orders already placed by users of the platform, and it can be found at the top. The green part represents buyers and the red part represents sellers. VERY IMPORTANT, the top price displayed is not the amount at which the cryptocurrency can be bought but the price at which the last order was executed.
There are 3 order types on the COINZIX platform, they are “Limit”, “Market” and “Stop-Limit”.
- Order Type
To execute an instant order we need to select an already existing price in the Order Book from people selling Bitcoin. Thus the most advantageous price is the lowest price written in red displayed first. (With red are the people selling Bitcoin). So you click on the most advantageous price, and it automatically goes down, and now you have to choose the amount of USDT you want to use. There are two ways to choose the amount you want to use for buying BTC. You can choose a percentage of your USDT amount e.g. 25%, 50%, 75%, or 100%, and the second option is to enter the exact amount of USDT you want to use below.
If you have made sure again that everything is OK you can press the
”Buy” button and the order will be executed instantly.
Exactly the same works if you want to sell Bitcoin for USDT, just type all the information to the sell-side. This time you will be guided by the green orderbook.
Limit orders are generally used if we want to place an order at a price that is not currently present in the Order Book. To do this in the Price box we will enter the price we want, select the quantity of USDT we want, and press the buy button. Thus the order is opened, and the moment the Bitcoin reaches the price set by you the order will be opened and executed if the quantity exists in the orderbook.
Exactly the same works for selling, select the desired price and when BTC reaches the price you set the order will open and execute if the quantity exists in the orderbook.
- Market Order
Market order type you cannot select the price and the platform will take the price directly from the market. For example, if I want to buy Bitcoin, the platform will go through each Bitcoin seller one by one until 10 BTC accumulates in your wallet. The only problem here is that each seller’s price is different so you can’t define the price at which you want to buy.
Exactly the same is true for selling, if you want to sell 5 BTC the platform will automatically switch to buyers one by one and sell each buyer the amount they want to buy until you have sold all 5 BTC. Again the problem is that you can’t choose the price at which to sell the BTC but it will sell at the market price which is different from buyer to buyer.
For this type of order, it is very important to look at the orderbook beforehand to figure out approximately how many users you will interact with in order for your transaction to be fully executed.
The platform will always execute your order starting from the best price found in the orderbook.
- Stop-Limit Order
Stop-Limit orders are generally placed when you cannot be present on your computer, or phone, or cannot track the price so it is a safety net for you in case the price drops very sharply or rises. Stop is the safety net. For example, if you put price X in Stop and price Y in Limit, when price X is reached, a limit order will open and wait (at the price Y you selected) and if the price reaches the amount you wrote, Y, the order will be executed depending on order book availability.
In order to purchase cryptocurrencies you need a stablecoin, the most common being USDT. There are also some cryptocurrencies that can be traded directly with the euro such as BTC , ETH or EGLD
To buy USDT with euro go to “Markets” and in the search bar type EUR/USDT parity and click on it.
Once you have reached the EUR/USDT pair you need to exchange the euro for USDT. To do this go to the bottom and click on ”Sell”, select the order type Market and choose the amount of euro you want to sell in exchange for USDT. This order will be executed instantly.