What are Market Orders?
Market Orders allow you to promptly execute a trade to buy or sell an asset at the current (or market) price. With Market Orders, you can trade 75+ cryptocurrencies at some of the best rates available in the market with zero fees/commission-free trades.
What is Price Safety?
The new Price Safety feature, should you choose to enable it, will ensure your trade executes at a price no worse than 1-2% from the market price. For your convenience, Price Safety will be auto-enabled, but you can disable it before placing your next trade. You will also receive real-time proactive guidance on how to increase the likelihood of execution while protecting you from any extreme market conditions. This gives you greater control over how your trades are executed.
What proactive recommendations do I see in the app when placing orders?
When Price Safety is enabled, we will provide you with real-time proactive guidance on how to adjust your trade to ensure it successfully executes with no more than a 1-2% price difference from the estimated market price when you placed your trade. You will always have the option to disable Price Safety if prompt execution of a trade is more important than the price at which a particular trade executes.
When Price Safety is disabled, we will proactively inform you if we will not be able fully execute a certain trade due to then-existing market conditions, as well as give you recommendations on how to adjust that particular trade to increase the likelihood of successful execution.
What are orders with multiple exchanges?
In order to enable any to any asset exchange, some trades may require two transactions to convert the asset you currently hold to the asset you desire to exchange into. If your trade requires more than one transaction, you will receive a notification before placing the order. We offer trades with multiple exchanges with the aim of providing you with optimal liquidity to execute your trade, while also enjoying the convenience of not having to place those trades yourself manually.
Are there trading limits and amount requirements?
When placing a market order the app will let you know what the trading limits are for each coin you are looking to exchange. Certain assets can only be executed in a certain multiple. You may need to round down or up to what the multiple is listed in the app. You may see "round down to .25" or "round up to .30"
What are partially filled orders?
For multiple exchanges, depending on market conditions, there may be instances where we are only able to execute the first transaction but not the second one. This would be a partially filled order as you will see the intermediate asset in your Trade wallet, not the destination asset (in the example above, this would be BTC instead of ADA). Multiple exchange orders can only have Bitcoin (BTC), Ethereum (ETH) or AbraUSD as intermediate assets.
What does ‘Returned to Trade account” mean?
Market is always moving, and it’s likely the trade will execute at a price that is slightly different to the estimated market price at the time the order was placed. In those instances, we will return any amount of origin or intermediate asset, which was not used for the execution of the market order, into your Trade wallet.
Where can I see my completed orders?
In your transaction history, you can view your completed transactions including details regarding when the trade was placed, when the trade was executed, the asset that was sold, the asset that was bought, and the execution price (and any residual amounts returned to your Trade account when applicable). To access your transaction history, you can either tap on the Abra logo at top of the app, or find Transactions in the hamburger menu on the top left of the app’s main screen.
What are residual amounts?
When placing a market order we are aiming to exchange the exact amount of your origin asset you have entered, however, in some cases your exact amount may not be exchanged and you will be left with a residual amount of the origin asset left in your wallet.
What is a scheduled recurring Market Order?
Outside of placing an order just once, you will also have the option to set up a schedule of recurring transactions at a cadence of either once a week, twice a month, or once a month. These orders will automatically be placed at the cadence you select until canceled.
Why is Price Safety unavailable for my order?
In the rare instances where your order may require exchanging between more than two assets to execute, Price Safety will not be available. In such instances, we suggest placing two separate orders with Price Safety enabled to first confirm the trade executes with no more than 1-2% price difference. If successful execution of the trade is more important than the price at which it executes, then you have the option to proceed with the order without Price Safety.
Do I need to take any action to opt into Market orders?
The upgrade to Market orders will happen as a phased launch along with the launch of AbraUSD (see FAQ page). During both launches, our services will be unavailable for a brief period of time but your funds will be completely safe and available to use after the launch is complete. You will receive a notification when you have been upgraded, no action needed from your side. But please note: Your deposit addresses will change as a part of this upgrade. Please be sure to check and confirm your new deposit addresses before making any new deposits into your Abra wallet. Please be aware, deposits sent to your old deposit addresses may not be recoverable.