Advanced Trade is Coinsquare’s feature for experienced traders. Advanced Trade allows you to make limit orders and view real-time order books. Please see below for a step-by-step guide on how to place buy and sell orders using Canadian dollars (CAD) and Bitcoin (BTC).
- Advanced Trade is only available for trades involving Bitcoin. It is currently not possible to trade between two non-Bitcoin currencies. As an example, if you want to trade Canadian dollars for Litecoin using Advanced Trade, you must first trade your Canadian dollars for Bitcoin and then trade Bitcoin for Litecoin.
- Advanced Trade is only available on Coinsquare’s website, it is not available on our iOS or Android mobile app.
- At this time, there is no stop-loss functionality on Advanced Trade.
To place a limit order:
1. Sign in to your Coinsquare account.
2. Select ‘Advanced Trade’ from the top navigation bar.
3. Click the Hamburger menu on the top left of the page
4. Select your trading pair. (In this example, BTC/CAD)
5. If you wish to buy BTC, ensure that you have selected the 'BUY' tab. If you wish to sell BTC, ensure that you have selected the 'SELL' tab.
6. If buying BTC, input the limit price at which you want your BUY order to be executed at or better. If selling BTC, input the limit price at which you want your SELL order to be executed at or better.
Please Note: When the screen is loaded, the last traded price will auto-populate on the buy side
7. The next step in the order process is to input the amount of CAD you want to spend to buy BTC, at the selected price above. You can alternatively select the % of the available balance you would like to use for this order. If selling, input the BTC amount you want to sell for CAD, or select the % of available balance you would like to use for this order.
8. Review your order for the amount of BTC you are estimated to receive or spend, net of fees, and click 'Place Order'.
9. Review your Order Details in the displayed model.
10. Confirm order.
The above process also applies for purchasing/selling BTC with USD. Note that the first currency in the pairing is the base currency. In the example of BTC/CAD, you are either buying or selling BTC. If your pairing is ETH/BTC, you are either buying or selling ETH.
If you are getting an ‘Error: Insufficient Funds’ message:
Please check your ‘Open Orders’ and confirm that you don’t already have an order open for the currencies you are trying to trade. Please also check that you do not have any pending withdrawals that could be preventing you from using your balance.
Open orders are like ‘holds’ on your account. If you’ve set a limit order but it hasn’t executed, Coinsquare will hold those funds for you so your order will go through when it hits your limit price.
To avoid the “Error: Insufficient Funds” message, you can either:
1. Wait until your open orders have executed;
2. Cancel them in your open orders tab (don’t worry, there is no fee for cancelling open orders);
3. Subtract the value of your open orders from the value of your total funds to figure out how much you are able to trade.