With the official opening of our internal Exchange a little over 2 days ago, and a mild sense of confusion still hanging above some people’s heads, we decided to deconstruct every part of the exchange’s functionality and create a detailed guide on understanding the FineCoin Exchange.
We do hope that this guide will be read by EVERYONE, in order for us to stop receiving multiple emails and tickets from people who simply don’t understand how an Exchange works. Therefore please, make a cup of tea, sit down, and enjoy the read.
- YOUR PORTFOLIO
On the right side of number one you can see your cryptocurrency portfolio on the platform of FineCoin. Starting from Bitcoin, all the way to FINE, you will be able to know what you have in your wallet at the current moment. These amounts are not placed in the exchange and therefore are shown in your totals.
Right bellow that line you can see the total of your holdings. Keep in mind that the total will fluctuate depending on the price of the cryptocurrencies you are holding at any given time.
- THE CHART
Much like other Exchanges, FineCoin has a chart that can present the details of the pairing of FINE with the cryptocurrency of your choice. In the case of the photo above, it is Bitcoin. You will be able to see the progress of FINE in timestamps showing hourly progress all the way to quarterly progress in much detail (the small grey buttons on the left high corner of the chart).
Reading these charts can give you an idea of the current demand for FINE, as well as helping you plat a strategy to sell and buy your coins.
- TRADING STATS
If you are an experienced trader you know that the daily trading stats are important to estimate the hype, progress and demand of a coin. The daily volume shows the amount of the FINE traded for Bitcoin on a 24 hour basis.
Right underneath, the BID and ASK tabs show you the amount of FINE offered per BTC and the amount of FINE requested per BTC. This can give you an idea of where the sellers and buyers set their pricing on a 4-hour basis.
Under these tabs you can see the 24hr HIGH and 24hr LOW price. This is the average fluctuation of the price from the top and the bottom in the last 24 hours. It can provide help for people who want to set buy or sell orders.
Making a buy is a simple process than can easily turn complicated by making different kinds of orders. Next to the BUY you will see the cryptocurrency you have selected to Exchange with (BTC/ETH/XRP). The photos above, therefore, show Bitcoin, because we selected to see the Exchange of Bitcoin. You will not see any depiction of the price in USD, only the relationship between FINE and, in this case, Bitcoin.
By guiding yourself using the trading stats and the existing buy orders (check 6) you will be able to place your own buy order. If you want to buy your coins fast you may want to opt to buy at a rate that other people want to sell. If you are patient and you feel that the price will eventually drop to the levels you expect, you can even add your requested amount of FINE per BTC.
Keep in mind that at the PRICE tab you will have to fill in your requested amount per 1 unit bought. The total will show you how much you are willing to pay in total.
VERY IMPORTANT: When you set a buy order, the amount you are willing to pay to buy will not be in your wallet anymore. It will be shown in the open orders of the Exchange. There are no guarantees that the order will be fulfilled immediately and, therefore you may not see your available balance in your wallet until the order is fulfilled. This is very important to remember. Try to not send us tickets with regards to “lost funds” before making sure you have checked this.
Much like BUYS, sells follow a similar pattern. You can sell at current asking rates by looking at the buy order history or you can set a higher priced sell order that can be fulfilled in the future. When setting a sell order, in the case for Bitcoin, the Bitcoin balance you choose to sell will not be shown in your wallet anymore. It will by presented as an open order in our exchange until it is fulfilled or cancelled by yourself.
- BUY ORDERS
The buy orders show you all the orders set by our community to buy FINE coins. The requested price is usually lower than the (then) current price of FINE in order for them to buy the coin cheaper. Orders go from cheap to expensive (top to bottom).
When looking at buy orders you may get a little confused with the TOTAL and SUM tabs. TOTAL stands for the total amount per order. SUM stands for the total of TOTALs per line.
If you have TOTAL 13 on line 1 and TOTAL 60 on line 2,
then the SUM on line 1 is 13 and SUM on line 2 is 73.
This presentation helps people buy or sell their coins in bulk.
- SELL ORDERS
Much like buy orders, one can see the amount of Sell orders. The price will usually be a little higher than the current price of FINE (in relation with the cryptocurrency you are checking the charts of) in order for the Sellers to earn profit. Again, the tabs are exactly the same as those of the BUY orders.
- MARKET HISTORY
By looking at the market history you can see which orders were fulfilled in the past. There are the orders for which a buyer found and seller and the reverse alike. Keeping these numbers in mind you can plan accordingly for your own buy or sell orders. The top shows the most recent history.
- MY OPEN ORDERS
This is the place where you can see your open orders for the pairing of BTC/FINE (in our case). Change the currency of preference for the chart and you will see open orders for other currencies as well. If the orders are still OPEN, they are not fulfilled. When an order is not yet fulfilled you have not yet sold or bought when you were aiming for. Once the order is fulfilled it transfers to MY MARKET HISTORY and you get your coins.
VERY IMPORTANT: If the order is still open, your order coins are still in the exchange and, therefore, not in your wallet. Your funds are NOT stolen or lost, they are simply in an open order.
- MY MARKET HISTORY
This is the place where you will be able to see all your completed orders. These are the open orders that were fulfilled.
We do hope that you now have a better understanding of the functions and tools of the Exchange and we encourage you to inform us if you have any additional questions.