Tokenlon has launched limit order beta version on the Ethereum network! You can now place a limit order on both Ethereum and Arbitrum networks. Besides, the first season of Buy the Dip competition is coming soon and the best traders will be rewarded with iPhone14 & AirPods, see full announcement here.
Meanwhile, based on your feedback, we have added price curves and candle charts for each trading pair to help you better make trading decisions.
What is limit order?
Limit order allows you to buy and sell a token at a specified price. Using limit order, you can place the maximum price to buy a token and the minimum amount you want to receive for a sale of the token. The order will only be filled at the specified price.
Limit order is a highly efficient and easy-to-use trading tool for users who don’t have time to keep an eye on the market 24/7. As long as you set a reasonable target price according to the market, you can take advantage of trading opportunities that are less obvious.
Why place your limit order on Tokenlon? (what’s different about us)
- It is entirely free to use Tokenlon’s limit order. You do not need to pay any fees to place, cancel or fulfil the order. At the same time, Tokenlon will also subsidise your gas fees based on the order amount to make the trading experience smoother and more efficient;
- Tokenlon limit orders have been deployed on the Ethereum and Arbitrum networks. We have aggregated liquidity from the best AMMs and professional market makers (PMMs), providing you with an ideal trading depth;
- We fill large orders efficiently. We improve the success rate of large orders through order splitting and partial transaction capabilities;
- We allow users to import tokens via addresses and trade them, maximising the satisfaction of users' desire to capture value on the chain;
- We added more tools to make trading easier, such as the price curve to help you set a reasonable limit price, and the ETH wrap tool to help users wrap or unwrap ETH at any time.
How to use Tokenlon’s limit order
What if the market is trending downward, and you want to buy ETH with USDT? You want to swap for ETH when the price drops to $1,400, the order expiration is also set to 7 days. This time the trade is set up as follows:
- Trade direction: USDT to WETH
- Enter the amount of USDT you want to sell, for example, 1,400 USDT
- Limit price: 1 WETH = 1400 USDT, which is 6.72% higher than the USDT market price
- Expires in: 7 days
Assuming you want to swap ETH for USDT when it rises to $1,600 and the order expiration is 7 days. i.e. After 7 days, if the limit price is not reached, the order will be invalid. Your limit order will look like this:
- Trade direction: WETH to USDT
- Enter the amount of WETH you want to sell, for example, 1 WETH
- Limit price: 1 WETH = 1600 USDT, which is 6.72% higher than the ETH market price
- Expires in: 7 days
- The system will automatically calculate the amount of USDT you will receive based on the ETH amount you entered
- You have to wrap ETH to WETH first and then place a limit order via WETH. You cannot place a limit order using ETH, find out more details.
- You only need to authorize a token once when you swap or place a limit order on Tokenlon. At the same time, please ensure that there is a small amount of ETH balance in the wallet to pay the gas fees to authorize the token.
If you have any questions about the limit order, you can read the limit order’s FAQs or join our discord to contact us. And the most important is that do not forget to participate in the Buy the Dip competition to win iPhone14 & AirPods.
Mar 30th 2023