How to Start Trading on KNOOZ Exchange

Before you begin buying and selling on KNOOZ, you'll need to deposit funds into your account. Once your account is funded, you can follow this guide to place your first order!

Note: KNOOZ offers a variety of trading options and order types. To keep things simple, this guide will focus on using our instant buy option and provide an overview of the basic Market and Limit orders.

Trading on KNOOZ Exchange:

1. Select a Currency Pair

To start trading, you need to know which assets you want to exchange. For example, you might buy Bitcoin (BTC) with USDT or sell Ethereum (ETH) for Bitcoin. Once you know the pairs you want to trade, you can select them from the ticker/quote bar at the top left corner of the Trade tab.

To understand what a pair represents, I'd like you to please take a look at the Currency Pair Selection article.

Base Currency: The first currency in a pair (e.g., BTC in BTC/USDT).
Quote Currency: The second currency in a pair (e.g., USDT in BTC/USDT).

In a Buy order, you use the quote currency to buy the base currency. In a Sell order, you sell the base currency and receive the quote currency. Select any trading pair you wish to trade from this bar.

2. Fill Out the Order Form

After selecting your trading pair, navigate to the Trade page where you'll find the order form on the right side. The form contains three text boxes and options for placing a Market or Limit order. Here’s how they work:

Market Order: This order type is executed immediately at the best available price on our order books. It’s ideal for quick trades but comes with a slightly higher fee known as the taker fee. With a market order, you only need to enter the amount you want to buy or sell—the price will be automatically determined by the market.

Limit Order: This order type allows you to set the price at which you want to buy or sell. The trade will only execute when the market reaches your set price, offering more control over the transaction. Depending on when the order is executed, maker or taker fees may apply. If an order is matched immediately, taker fees will be charged.

3. Submit Your Order

Once you've decided whether to place a market or limit order, select your choice and enter the amount you wish to trade in the "Total" field. After reviewing your order details, simply click the large buy/sell button to submit your order.

4. Wait for Order Execution

Market Orders: These are executed instantly, and your balance will be updated right away. You can withdraw funds or use them for additional trades immediately. You can view your completed market orders under the "Orders" tab.
Limit Orders: These may not be executed right away, depending on the market price. You can monitor the status of your limit orders under "Open Orders." If the current market price reaches your limit price, the order will be executed. If it hasn't been executed yet, you can cancel the order at any time.

By following these steps, you'll be ready to start trading confidently on the KNOOZ Exchange. Enjoy exploring the dynamic world of cryptocurrency trading, and remember, we're here to support you every step of the way!