Unlike with our centralised counterpart, ethfinex.com, there are currently only two order types available to users of Ethfinex Trustless; Limit Order and Simple Order.
A limit order within the portal works in the same way as on any other exchange: The Trader specifies the exact price and quantity they wish to buy or sell at. The order is then only successful if that specific price is met.
Imagine you have 10 ETH and you want to sell all of them. The current market price for ETH is $300 but you are only happy selling them for no less than $320. Using a limit order, you would set the price to $320, the amount to 10 ETH and then click submit. Your order will then only be executed if your specific price has been met.
The alternative order type available in the portal is called a Simple Order. These orders are most closely related to typical Market Orders, however, they have one main difference. Typical Market Orders execute immediately at the next best available price until the entire order is executed (ensuring rapid execution).
Simple Orders, on the other hand, find the last best price in the order book and use that to set the price of the trade. In essence, once this price is set, the order becomes a limit order and is only successful once the exact set-price is matched.
Imagine you have $1000 USD and you want to buy some ETH. The current market price for ETH is $300. After selecting the 'simple order’ option from the order form, the system will automatically input the price based on the last best price in the order book. This means you would only need to input the amount you wish to buy (Let’s say $1000 worth) and hit ‘buy’.