How to Trade Crypto and Withdraw from WOO X

1. Market and Trading pairs: 

Spot pairs are trading pairs where transactions are settled "on the spot," meaning they are executed immediately at the current market price.

2. Real-time market candlestick chart, supported trading pairs of the cryptocurrency, “Buy Crypto” section:

Candlestick charts visually represent the price movement of a financial instrument, such as a cryptocurrency, over a specific period of time. Each candlestick typically shows the open, high, low, and close prices for that time frame, allowing traders to analyze price trends and patterns.

3. Sell/Buy Order Book:

The order book is a real-time list of buy and sell orders for a particular trading pair. It displays the quantity and price of each order, allowing traders to gauge market sentiment and liquidity.

4. Buy/Sell Cryptocurrency:

This section provides traders with the interface to place market orders, where orders are executed immediately at the current market price, or limit orders, where traders specify the price at which they want their order to be executed.

5. Porfortlio and Order Information:

This section displays the trader’s recent trading activity, including executed trades and open orders that have not yet been filled or canceled. It typically shows details such as order type, quantity, price, and time of execution.

For example, we will make a [Limit order] trade to buy BTC.

1. Log in to your WOO X app and tap on [Trade].

2. Click the [lines] menu button to show available trading pairs and choose BTC/USDT from the market watchlist.

3. Go to the Buy/Sell Section. Select the type of order (we will use Limit Order as an example) in the "Limit Order" dropdown menu.

• Limit Order allows you to place an order to buy or sell crypto for a specific price;

• Market Order allows you to buy or sell crypto for the current real-time market price;

• Users can also utilize advanced features such as "Stop Limit", "Stop Market", "OCO" and "Trailing Stop" to make orders. Input the BTC amount you want to buy, and the expenses of USDT will be displayed accordingly.

4. Review your order, then click [Confirm] and wait for the trade to be processed.

5. Once the market price of BTC reaches the price you set, the limit order will be completed. Check your completed transaction by scrolling down and clicking [Order History].

Frequently Asked Questions (FAQ)

Different Order Types in Spot Trading

1. Limit Order

A limit order refers to a user-defined order in which they specify the quantity and maximum bid or minimum ask price. The order will only be executed when the market price falls within the designated price range:

• The buy limit price must not exceed 110% of the last price.
• The sell limit price must not be 90% less than the last price.

2. Market Order

A market order refers to a user executing buy or sell orders instantly at the prevailing best market price in the current market, aiming for a swift and fast transaction.

3. Stop-Limit Order

Stop-Limit orders involve the user pre-setting the trigger price, order price, and quantity of orders. When the market price reaches the trigger price, the system will automatically execute orders based on the pre-determined order price and quantity, assisting the user in preserving profits or minimizing losses.

• The buy stop-limit price must not exceed 110% of the trigger price.
• The sell stop-limit price must not be less than 90% of the trigger price.

4. Trailing Stop Order

In the case of a significant market callback, a Trailing Stop Order will be activated and sent to the market at the current market price once the last filled price hits the specified trigger price and the required callback ratio is satisfied.

To put it simply, when executing a buy order, the last filled price must be less than or equal to the trigger price, and the callback range must be higher than or equal to the callback ratio. In this case, the buy order will be made at the market price. For a sell order, the last filled price must be higher than or equal to the trigger price, and the callback range must be higher than or equal to the callback ratio. The sell order will then be executed at the market price.

To prevent users from inadvertently placing orders that could result in avoidable losses, WOO X has implemented the following restrictions on Trailing Stop order placement:

1. For a buy order, the trigger price cannot be higher than or equal to the last filled price.
2. For a sell order, the trigger price cannot be less than or equal to the last filled price.
3. The callback ratio limitation: it can be set within a range of 0.01% to 10%.

What Is the Difference Between Spot Trading and Traditional Fiat Trading?

In traditional fiat trading, digital assets are exchanged for fiat currencies like the RMB (CNY). For example, if you buy Bitcoin with RMB and its value increases, you can exchange it back for more RMB, and vice versa. For instance, if 1 BTC equals 30,000 RMB, you could purchase 1 BTC and sell it later when its value rises to 40,000 RMB, thus converting 1 BTC into 40,000 RMB.

However, in WOO X spot trading, BTC serves as the base currency instead of fiat currency. For instance, if 1 ETH is equivalent to 0.1 BTC, you can buy 1 ETH with 0.1 BTC. Then, if the value of ETH increases to 0.2 BTC, you can sell 1 ETH for 0.2 BTC, effectively exchanging 1 ETH for 0.2 BTC.

How to View my Spot Trading Activity

You can view your spot trading activities from the Orders and Positions panel at the bottom of the trading interface. Simply switch between the tabs to check your open order status and previously executed orders.