Understanding Open Order Books
You’ve placed an order to buy or sell at a certain price, but after several minutes, it still hasn’t been filled. We’ve felt this frustration, too! Nothing is wrong with the app or the exchange. It’s just how open orders work.
Knowing how an open order book exchange works can help you plan your trading better.
This is a painful to watch, especially as you watch a price rally
Okay, how do open orders work?
ZebPay’s trading platform works via an open-order book — a list of all open orders to buy or sell crypto that are currently available. We do not buy or sell to individual traders ourselves, but only make sure your transactions go through correctly.
Each order represents an individual investor saying they are willing to buy or sell at a specific price.
ZebPay’s order book for COMP-INR
Think of the order book as a marketplace. Anyone can place an open order, but that does not guarantee that someone else will agree to their price.
That open order will then remain on the order book until the person that placed the order either cancels it, or someone else agrees to take the open offer.
In some cases, an order may be partially completed — in which case part of your balance will be updated. You will still see a pending order, but only for the amount remaining.
So why is my order still pending?
If you find your order still pending after an hour or two, it’s possible that there have been no counter-parties willing to purchase at the price you’ve set.