Spot trading with market and limit orders

Markets, quoted as pairs

The Trade page lists markets as pairs, such as BTC/USDT or ETH/BTC. The first asset is the one you buy or sell; the second is what you pay with or are paid in. Markets are quoted in US dollars, in the USDT and USDC stablecoins, or against bitcoin and ether.

A pair’s price is worked out from Pinnora’s own price for each of its two assets, every time it is asked for. That means the price you trade at on the Trade page and the price your holdings are valued at elsewhere in the app always agree. Each market shows whether its price is live, its change, high and low over the last 24 hours, and a chart.

Market orders: filled now, at the live price

A market order fills straight away at the current price. Everything it touches — the price, your balances and the order itself — is read and written in one step, so nothing can change in between.

• No trading on an old price. If the live price for a market has not been updated recently enough, the order is refused rather than filled at a figure that may no longer be true.
• No surprises while you decide. If the price has moved against you by more than a small margin since you looked, the order stops and the app shows you the new price to accept or not.
• You see the result first. The order ticket shows the price, the fee and exactly what you will receive before you place it.

Limit orders: your price, or nothing

A limit order waits for a price you choose and only ever fills at that price. A buy limit is set below the current market price and a sell limit above it. A limit that would fill straight away is really a market order, so the app points you to Market instead; one set very far from the market, which is almost always a slip of the finger, is refused too.

1. Set your price and amount. The app shows the total and the fee for the order as you type.
2. Your funds are set aside. What the order may spend is reserved when you place it, so the same money can never be spent twice.
3. It fills in full, at your price. The first time a price quoted after you placed the order reaches your limit, the whole order fills at exactly your limit price.
4. Or cancel it. Cancelling an open order puts the reserved funds back exactly where they came from.

Open orders and your past trades are listed on the Trade page, so you can see at a glance what is waiting and what has filled.

Fees, shown before you confirm

A trade on the Trade page may carry a fee, set as a percentage of the trade. Whatever it is, the current fee is shown on the order ticket, next to what you will receive, before you place anything. If the fee goes up while you are confirming, the order stops and asks you again rather than charging you more than you were shown.

A limit order is charged the fee that applied when you placed it — or the fee in force when it fills, if that has come down in the meantime. Whatever part of the reservation that leaves unused comes back to you with the fill.

Built-in safeguards

• One order per tap. Every order carries its own reference, so a request retried on a slow connection is recognised as the same order and never fills twice.
• Clear about where money moves. A buy is paid from your trading account first, then your funding wallet, and what you buy lands in your trading account.
• Paused means paused. When trading or a single market is switched off, new orders are refused rather than queued up to fill later. Orders already open stay safe, and you can still cancel them.