How to use Tokenlon Limit Orders

Beginner
3m

What is a limit order?

A limit order lets you buy and sell a token at a specified price. Using a limit order, you can place the maximum price to buy a token and the minimum amount you want to receive for a sale of a token. The order will only be filled at the specified price.

When you place a limit order, Tokenlon will calculate the tokens you receive based on your price and display the order under [Open Orders].

Limit Orders currently are FREE to use!

How to place a limit order

First, open the Tokenlon website, and click [Connect Wallet]. Here we use Metamask wallet as an example. Choose either [Arbitrum One] or [Ethereum].

Step 1

After connecting to Tokenlon, we will use WETH as an example to demonstrate the “limit order” function. Unlike ETH, WETH is a standard ERC-20 token. When using the “limit order” function, we need to use standard ERC-20 tokens to execute a trade. Therefore, if you want to swap ETH, please convert it to WETH first. However, please remember to reserve some ETH in your wallet and do not swap all your ETH for WETH. You will need some ETH to pay gas fees. Tokenlon will show a pop-up window if your WETH balance is 0 and remind you to trade for WETH.

Click [Exchange Now] to complete the exchange of WETH. Check out the tutorial here on how to swap ETH to WETH on Tokenlon.

Step 2

After the exchange is complete, go back to the limit order page and complete the authorization of WETH. After authorization, you can use WETH for pending orders. Using WETH/USDC as an example, when you enter the WETH amount, the corresponding USDC amount will be given at the market price by default.

You can modify the number of tokens you receive for each swap. For example, if you want to exchange 1 WETH for 1,300 USDC, you can enter 1,300 in the USDC box. Remember, the bigger the order volume, the quicker the order will be executed when the target price is triggered.

Step 3

Tokenlon will automatically calculate the market price for this swap. Tokenlon will show the difference between the current and executed prices on the dashboard when the order is executed.

Before placing the order, you can also set the [expiration date]. The default date is seven days. The shortest expiration period is five minutes, and the longest is six months.

Step 4

When completing all the above, click [Review Order] to preview all the order information, including the price when the order is executed, expiration time, and fees.

Step 5

Note: The lower the trading amount, the higher the gas fees will comprise the order, making filling the order more difficult.

If you need to modify the order, click the return arrow in the upper left corner. If the order information is correct, click [Confirm] to authorize and place the order.

Step 6

DEX

What else do you want to learn?

Send
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open