How To Use The Order Book

Updated: Oct 5, 2019


The BTSE order book is where you can see what buy and sell orders are in play at the moment on the BTSE exchange. These orders are constantly changing as the price moves and fills orders. People also often change their orders, cancelling them or inputting new orders.


Grouping

The default setting for order book grouping is set at a minimum grouping level of 0.5 for Bitcoin trading products, such as Bitcoin Perpetual Futures Contracts (BPFC), spot Bitcoin, etc. This means that orders in the order book show up grouped in prices rounded to the nearest $0.50, such as $10,501.00 and $10,501.50. You will not see individual orders in the order book priced down to the penny, such as $10,501.78.


This 0.5 order book grouping setting also means that you cannot input a Bitcoin order for a price that is not rounded to the nearest $0.50. You cannot input a long or short limit order for Bitcoin at a specific price down to the penny. If you want to buy Bitcoin at $10,501.60, input either $10,501.00 or $10,501.50 for your order.


Changing the order book grouping will change the Bitcoin price levels you see in the order book. If you change the grouping to 5, you will see Bitcoin orders separated in $5 increments, grouped according to price with the available volume listed at each of those price levels. An order book grouping set at 5 will show available Bitcoin orders grouped at levels such as $10,495, $10,500, $10,505, etc.


Grouping numbers and precision also depend on the trading product. Ethereum trading products, for example, have different grouping numbers to choose from than Bitcoin trading products.

Setting “View Currency” In Spot

BTSE is a versatile exchange in terms of trading spot crypto assets against multiple different global (fiat) currencies. If you want to buy or sell spot Bitcoin using different fiat currencies such as the Canadian dollar (CAD) or the Japanese Yen (JPY), you can do so by clicking on your desired currency in the pull-down menu next to the term “ORDER BOOK,” as pictured above.


For example, if you desire to buy spot Bitcoin with Canadian dollars (CAD), click on the CAD choice in the pull down menu. This changes all the numbers on the exchange to numbers relevant in CAD, including prices in the order book, prices on charts, etc. You simply need to make sure you have enough CAD in your wallet for your desired trade.


Selling spot Bitcoin, however, does not require such funds in your wallet. If you have 1 Bitcoin, you can sell that Bitcoin into any available currency based on whatever you choose in the currency pull-down menu and whatever price Bitcoin is trading at on the BTSE exchange during that time.


One important aspect to note about this feature is that BTSE compensates for low liquidity via its backend. Some currencies paired to crypto assets likely have far fewer people trading them, which, in normal circumstances, leads to a lack of liquidity. For example, if very few people trade Bitcoin paired against JPY, then those traders will not enjoy the same liquidity and experience as the customers who trade against USD, assuming USD has the most liquidity. BTSE solves this dilemma, providing all fiat currency crypto pairs with the same liquidity.


BTSE utilizes trading liquidity from other fiat currency pairs to offer liquidity to any asset / currency pair you choose. If you buy 1 Bitcoin with CAD, you will see the same liquidity as if you bought that Bitcoin with U.S. Dollars (USD), because the BTSE exchange does all the work on the backend to provide the same liquidity. Essentially, buying or selling spot Bitcoin paired against JPY (or any other available currency on BTSE) pulls from a single pool of liquidity that includes all fiat currency trading options for bitcoin. This is also true of the other spot crypto assets offered on BTSE.


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