What is an Open Order Book and how does it work
What is an Open Order Book?
The order book is the list of all open orders that are currently available on exchange for a specific trading pair.
An open order is essentially another trader 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. The order will only get executed if the buyer’s and seller’s prices and quantities meet.
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. If there is an order placed for a buy order which matches the sell order that is available on the order book then the orders will be executed fulfilling the ask and bid prices for the buy and sell orders and similarly, if there is a sell order placed which matches the buy order available on the order book then these orders will also get executed.
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.
E.g., If there is a buy order for 10 Matic and a sell order of 7 Matic is placed at the same price, the buy order will get executed for 7 Matic and rest of the buy order for 3 Matic will be pending till there is any other sell order placed matching the price of the buy order or the buyer cancels the pending order.
Where do I see pending orders?
Click on the token/ coin, you have placed an order for, from the exchange screen
Scroll to the bottom of the page and click on ‘My orders’
All the pending orders for that particular pair will be visible in open orders.
How can I cancel an order?
Click on the "X" sign next to the order.
Confirm the order cancellation by tapping on "yes" or "no".
You can view the confirmation of the order being cancelled on the bottom of your current screen.
Can see INR pending but cannot find any pending buy order for the token you are viewing?
This is because the my orders open order tab shows the total INR amount pending on the order book, regardless of the token you are currently viewing.
E.g., If you are currently on Matic-INR pair’s my order tab and you can see INR 150 pending but you do not see or recall any order placed for Matic, this is because you might have a buy order pending for any other token as shown in the below images:
Pending amount reflecting in Matic:
Buy order pending for BAT:
This feature is to show you the current INR pending on the order book for all your buy orders.
Please Note:
The buy/sell order will remain in the order book for 60 days from the date the order was placed. If the order doesn’t get executed for 60 days or until the member manually cancels the order within 60 days, buy/sell order will be auto-cancelled on the 61st day, 12:00 AM UTC.
Any partial order that has exceeded the validity of 60 days, will be auto-cancelled.
In case, you have cancelled an order but your current balance is not updated yet, Do not Panic. Just try to refresh your app by clicking on three horizontal lines from the top left corner of your home screen and clicking on the refresh button.
Still not able to see? Do not worry, just clear the app’s cached data and restart the app you will be able to see your balance.
4. You can also login to our exchange website (https://zebpay.com/exchange/BTC-INR) to make your trades and refer to our article regarding the exchange site for the same.