How to place a Maker Order?
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Step 1: Log in to your account at Monochrome. Click the [Trade] - [Spot Trading] button at the top of the page.
Note: Please make sure that you have transferred assets from your savings account, futures contract account or margin account to your spot account, or successfully deposited assets from a third-party platform.
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Step 2: Take [Standard Spot] as an example. Please select the currency you want to trade in the trading area. We will use "BTC/USDT" as an example. You may also select other currencies through "Search".
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Step 3: Choose "limit price trading" or "market price trading" according to your requirements.
a. [Limit price trading] is maker trading. You can set the buying or selling price by yourself, and the transaction will be completed when the market price fluctuates to the price you set.
- Select "Limit Order", enter "Price" and "Quantity", and click "Buy" or "Sell" to complete the order.
- Select "Limit Order", enter "Price" and "Total", and click "Buy" or "Sell" to complete the order.
b. [Market Price Trading] You do not need to enter the buying or selling price. The transaction will be executed at the best price in the market at that time.
Select "Market Order", enter the "Price" or "Quantity", and click "Buy" or "Sell" to complete the order.
(Market Order means that the user immediately executes the buy or sell at the best price in the current market to achieve quick trading. Please note: if the total market price of a single transaction is too large, there will be cases where the unfinished part will be cancelled. Meanwhile, market orders will settle orders on the market regardless of cost, so you need to bear some risks. Please place orders carefully and be aware of risks.)
What are Market Makers and Takers?
Maker: If the buy price < sell 1 price, or the sell price > buy 1 price, this order will not be executed immediately, which increases the market depth. This is a Maker.
(In other words, Maker means that when you place an order at the price you specify (below the market price when placing a buy order or higher than the market price when placing a sell order), it will not immediately be executed with other orders on the deep list, but will enter the deep list and wait for the other part to take the initiative to deal with your order. This behavior is called a Maker.)
Taker: If the buy price ≥ sell 1 price, or sell price ≤ buy 1 price, this order will be executed immediately, which reduces the market depth. This is a Taker.
(In other words, Taker means that when you place an order at the price you specify (which intersects with the orders in the market depth list), you immediately make a deal with other orders in the depth list, and you take the initiative to deal with the orders in the depth list. This behavior is called a Taker.
If the entrustment demand of Taker is large and the supply exceeds the demand, the unsatisfied demand will become a new entrustment order as a Maker and continue to wait for the trading if the order is not cancelled. )
In summary, in a trade, the party who places the order is the one who quotes first, and the party who takes the order is the party who makes the quotation last, and the deal will be executed when the prices match.
How to charge the handling fee
Regardless of Maker or Taker, as long as the transaction is completed in spot trading, a handling fee of two thousandths will be charged for each transaction.
Note: For VIP rates, please refer to https://www.monochrome.exchange/en/rate
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