What is an Open Order Book?


The order book is the list of all open orders that are currently available on an exchange for a specific trading pair. 


An open order is essentially another investor saying they are willing to buy or sell an asset at a specific price. 


Placing an order does not guarantee someone else will agree to take the offer. If anyone on the exchange places a better offer than the one you place, then the better offer will be taken first. 


How does an open order book work?


When an order is placed on the exchange, there are two options. Either an order can be placed on the exchange for someone else to take or we can take someone else’s open order that is already available on the exchange.


Eg: Crypto- INR The order book will have the corresponding buy and sell orders that customers have placed on the exchange to either buy or sell any crypto  for INR


Orders get executed only if there are corresponding orders open in the book.


We can think of the order book as a marketplace. This is where people are buying or selling crypto in exchange for INR. Anyone is able to come to the order book and place an open order. That open order will remain on the order book until the person that placed the order either cancels the order or someone else agrees to take the open offer. 


In some cases, an order may get partially executed in which case only part of the INR/ Crypto balance will be updated. The remaining order will show as pending.


 Where do I see pending orders?


Login to the app

Click on the token/ coin you have placed an order for

Scroll to the bottom of the page and click on ‘My orders’

If the order is highlighted in Orange it means its in pending status


 





How can I cancel an order?


Login to the app

Click on the token/ coin you have placed an order for

Scroll to the bottom of the page and click on ‘My orders’

Click on the "X" sign next  to the order.

Confirm the order cancellation by tapping on "yes" or "no".



Please Note:  The buy/sell order will remain in the order book for 28 days from the date the order was placed. If the order doesn’t get executed for 28 days or until the member manually cancels the order within 28 days, buy/sell order will be auto-canceled on the 29th day, 12:00 AM UTC.


Any partial order that has exceeded the validity of 28 days, will be auto-cancelled.