Having trouble with order books and the different types of trades? This is the definitive all in one trading tutorial

How to trade at Bitfinex?

Log in to your Bitfinex account. If you don't have an account yet, you can read our guide on how to create an account here.

Hover the pointer over Trading tab and a drop-down box will show. Choose the market and click the trade pair you want to trade.

The order form is shown on the left side of the screen. There are two modes of trading in Bitfnexand different types of orders. It is better that you read the information first before you complete placing an order.

• Exchange orders are the most basic: they exchange one currency for another and your wallet balances are settled when the trade executes.

• Executed margin orders do not immediately settle your wallet balances. Instead, they open, close, or modify a leveraged position. Your wallet balances are settled only when you close or claim a position.

Bitfinex types of orders:

• Limit Order
  A limit order is one of the most basic order types. It allows the trader to specify a price and amount they would like to buy or sell.

Example: If the current market price is 250 and I want to buy lower than that at 249, then I would place a limit buy order at 249. If the market reaches 249 and a seller’s ask matches with my bid, my limit order will be executed at 249.

• Market Order
  A market order is an order type that executes immediately against the best price available. As long as there are willing sellers and buyers, market orders are filled. A market sell will match the best available bids on the order book, and a market buy will match against the best available asks on the order book.

Market orders are often used when rapid execution is prioritized over the price at which the order executes. When placing this order, the trader prefers the trade to happen immediately at the current best price available.

• Stop Order
  A stop order is used to trigger a market sell when the market drops to your trigger price, or used to trigger a market buy if the market rises to your trigger price. This is often used as a stop loss order if the market is moving against an open margin position. Stop orders will fully execute as a market order once the trigger price is reached.

Example: If the current market price is 250, the trader in a long position might want to sell if the price reaches 245. A stop sell at 245 will be used in this case.

If shorting, a trader would place a stop buy above the current price. This would mean that if the market goes against their short (up) they can cut their losses by buying to close or reduce their short position.

Example: If the current market price is 250, the trader in a short position might want to buy if the price reaches 255. A stop buy at 255 will be used in this case.

• Trailing Stop Order
  A trailing stop order provides flexibility over a stop order by executing once the market goes against you by a defined price, called the price distance. When margin trading, a trailing stop sell order can be used to protect profit.

Example: If the trader is in a long position and the current market price is 250 after a quick rise from 225, a trader can set a trailing stop with a price distance of 5. This will create a sell stop order at 245. As opposed to a normal stop order, if the market price continues to rise to 275, then the trailing stop rises accordingly, always staying 5 behind the market price; rising to 270 in this example.

The stop price trails behind the market price by the amount specified as price distance and allows for a stop to adjust to the market if the market moves in a profitable direction. If the stop is triggered, a market order is placed.

• Fill or Kill (FOK) Order
  A "fill or kill" order is a limit order that must be filled immediately in its entirety or it is canceled (killed). The purpose of a fill or kill order is to ensure that a position is entered instantly and at a specific price.

More of this? Click on the links below:

• Bitfinex Basics - How to create and verify an account, securing an account, funding and withdrawing your Bitcoins on the Bitfinex trading platform

• Bitfinex Advanced -Scaled orders and chain split tokens

Other Crypto-Exchanges tutorials:

• Bittrex Trading - Reading the order book, buying and selling at your preferred prices and a lot more — Steemit

• Poloniex Trading — Steemit

• Yobit Trading — Steemit

• Kraken Trading — Steemit