Click Exchange to view the exchange platform dashboard.
Located at the top left corner (right next to the COBINHOOD logo), click this for the list of available trading pairs to drop down. In simple terms, trading pairs are two currencies you want to compare and then potentially exchange the value from one to the other based on different determining factors. From the drop-down menu, select the trading pair you want to evaluate and use on the exchange platform. The default pair is COB/ETH.
When you click on your preferred trading pair, the charts, order book, trade history, order pair, and the balance amount seen on the exchange should also update.
This is the panel on the right, divided into three sections. The Order Book on the platform is an open ledger which lists all current orders and order instructions from traders, arranged in an order ladder format.
The information shown in the order book should correspond to your chosen order pair. You can confirm this by checking if the green text next to Order Book is the same with the Order Pair selected on the top left corner.
The box on top (with the prices highlighted in red) are the sell orders. An order to sell is also called an “ask.”
The box on the bottom (with the prices highlighted in green) are the buy orders. An order to buy is also called a “bid.”
The Spread separates these two sections. The amount seen on Spread is the difference between the highest bid/buy and the lowest ask/sell.
On the bottom-most part is Group, clicking the minus (-) or plus (+) sign will group (or ungroup) similar orders together. You can use this feature to determine which bid or ask price has the most or least orders.
As an exchange platform, you have access to trade one currency to another, which can be performed by choosing to either buy or sell a currency on the Order Form panel, located on the right side of your dashboard. On the order form panel, you can choose to place a market or limit order which will be executed in a timely manner.
View your balance information in the Balance section. Here you can see the current time and date (based on your timezone), and the available and total amount of your selected trading pair.
If you’re using the desktop version, there should be a green and red button on your dashboard. With the Price, the green button gives you the highest bid, while the red one gives you the lowest ask. Likewise, the green one calculates the max buy amount with your available balance, while the red one calculates the max sell amount with your available balance.
How to place orders for buying or selling:
1) Market Orders
A market order is a buy or sell order to be executed immediately at the current best price available. As long as there are willing sellers and buyers, market orders will be filled. However, it is possible for the market to change just as you submit your order. In other words, the fill may occur at a slightly lower price than anticipated when buying, and it is also possible that you pay a bit more than expected.
If you want a quick trade and are willing to take the risk (as mentioned above), select Market, which is above the buy/sell buttons, to place a market order at the current market prices. Enter the size of your order in the Amount field and you should also be able to see the current Market Price and the Total Price of your order. Then you can choose to Buy or Sell by clicking the appropriate button.
*Market orders cannot be canceled because they are filled immediately.
2) Limit Orders
A limit order is an order to buy or sell at a specific price, but it is not guaranteed to be executed. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
Select Limit if you want to set a maximum or minimum price at which you are willing to buy or sell. Enter the size of your order in the Amount field, then the price you want to set your order in the Price field. The Total Price of your order will also be displayed. Then you can choose to Buy or Sell by clicking the appropriate button.
*A limit order may be partially filled and is subject to price adjustments depending on market orders.
3) Stop Orders
A stop order is an order to buy or sell once the price reaches a specified price. A buy stop order is entered at a stop price above the current market price. A sell stop order is entered at a stop price below the current market price.
To place a Stop Market order, Select Stop then specify the amount and price at which the order should be triggered.
*Stopping orders are executed as market orders and may incur slippage.
4) Stop-Limit Orders
A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. There are two prices specified in a stop-limit order: the stop price that will convert the order to a buy/sell order, and the limit price. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
*If the market price is moving quickly, there is no guarantee that this order will be filled.
Your order history
All executed market or limit orders to buy or sell, whether successful or not, should appear on the My Orders section located below the charts.
Orders that are awaiting execution will be listed on the Open tab, and all finished transactions can be found on the My Orders tab. You can check your orders’ pair, type, amount, CCY, price, status, and if placed or not, on both tabs.
The list below indicates what the status of your orders means:
- Pending: An order has just been placed; still awaiting confirmation.
- Active: An open order.
- Canceled: Canceled by the user; under "My Orders" tab.
- Filled: Fully executed orders; under the Closed tab.
- Rejected: May be due to insufficient balance and other possible reasons; under the Closed tab.
- Pending Cancellation: Orders that are ready to get canceled.
The Trade History panel is the permanent record of every transaction of all users. All transactions on the blockchain are recorded real-time and can be viewed in its full history through this panel.
Charts are fast and easy ways to view the price history. Here are some ways to use them according to your needs and preference.
1) Price Chart
Front and center on your dashboard is the Price Chart. It is a live graphical display of prices and market data for the currency you have selected. The price chart has several features:
Time Period: Specify the period of time in which you wish market prices to be displayed. At the moment, you can choose to receive price and volume updates on the chart every 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 3 hours, 6 hours, 12 hours, 1 day, 7 days, 14 days, or month.
Bar type: The price chart can be viewed on a variety of graphical styles, which you can set depending on your preference. Available options are Hollow candle, Candlestick, Line, or Bar graph.
Indicators: These are a set of tools applied to the trading chart that help market analysis for traders. For now, you can choose between these three types of indicators, Volume, MACD (Moving Average Convergence Divergence), and RSI (Relative Strength Index).
Cursor/Draw Line: If you wish to make annotations on the price chart, you can do so by using the appropriate Line: horizontal, vertical, or diagonal line. By default, a Crosshair cursor will appear when you hover over the price chart.
2) Depth Chart
To view the Depth chart > click Depth. The depth chart displays side-by-side, graphical information about the prices at which traders are willing to buy (green graph) and sell (red graph) at a single point in time.
At the moment, you will be able to see a quick report or the “tick” (the change in price, whether that movement is up or down) of the Last trade price, the 24-hour change, 24-hour high, 24-hour low, and 24-hour volume of your selected product on the Ticker panel located at the top of your dashboard.