Matcha users have the ability to create Limit Orders with ERC-20 tokens on Ethereum, Binance Smart Chain, and Polygon networks. Here's how you can take advantage of this functionality.
Creating a Limit Order
In order to place a limit order, you first must make sure you are trading an ERC-20 token (e.g. WETH, USDC, DAI, etc.). If you only have native tokens like ETH, MATIC, or BNB, you can Wrap the token to the ERC-20 standard and continue to place the Limit Order.
Once you know what tokens you want to trade, click the Limit button at the top of the trade module to proceed.
You now have the ability to place your limit order! Before you can place your order, you will need to enter a few items:
The quantity of the Token you want to sell (Sell - this will adjust the Buy section respectively). Alternatively, you can enter a Buy value, which will adjust the Sell amount respectively (given you have enough of that token to sell).
The price of the token you want to sell (compared to the token you want to purchase).
You can select one of the buttons provided to quickly enter the Market price, 1%, 2%, 5%, or 10% above market price.
The duration of the limit order. You can choose from 1 hour, 1 day, 3 days, 7 days, or 28 days. You also have the option of entering a Custom Date for your order.
Note: for Custom Dates, the date cannot be after 28 days from the time you are creating the order.
You also have the option of locking in the Sell amount with the 🔒 icon next to the Clear button. This allows you to fix the Sell amount and adjust the Buy amount to what you would like it to be.
*Note: You have the option of switching the Buy token with the Sell token by clicking the arrow in the center of the widget, but you should check the inputs to make sure they are what you want them to be after you switch.
If you adjust the price of the token you want to sell to a value lower than 5% of the current market price of the token, we will provide you a warning in red text:
Placing a Limit Order
Once you are ready to place your limit order, go ahead and click the Review Order button at the bottom of the trade module.
Take a second to review the details of the order and then click on Place Order at the bottom of the module.
You will be prompted by your Wallet application to sign limit order approval. Go ahead and click "Sign".
The time it takes can vary from just a few seconds to a few minutes. Once completed, you'll be greeted with a Success screen:
Congratulations - you have now created a Limit Order!
View Existing Limit Orders
Once you have created a limit order, you can check to see its status in Matcha:
Click on your account profile (where you connected your wallet).
From the drop-down, click on the Trade History button.
On the Trade History page, navigate to the Open Orders section.
Select the blockchain network you have the open order(s).
See the open limit order(s).
Your limit order(s) will remain in the Open Order section until:
The order fills completely (the progress reaches 100%).
The duration of the order expires.
You manually cancel the order by clicking on the X button.
Note: You will be charged a fee by the blockchain network if you manually cancel your limit order.
If your Limit Order fills, it will change to a completed order in the Order History tab.
Additional Resources:
Visit these help pages if you want to learn more about Limit Orders and Trading on Matcha: