To open a position on Interdax, log in to your trading account and click on the instruments panel to select the contract you want to trade.
For example, if you want to trade bitcoin (BTC) select BTC-PERP.
Go to the order panel. Decide on whether you want to buy or sell, and select the type of order you want to use.
When choosing a market order, you have to input the quantity you want to trade. Your order will then be filled straight away at the best available market price.
If you want to sell BTC-PERP, your order will be matched with the best available bid price on the order book. If you want to buy BTC-PERP, your order will be matched with the best available ask price on the order book.
Before clicking on buy or sell, you can check the cost of the order, the value of the order, and the funds available.
Once you click 'Market Buy' or 'Market Sell', you will need to confirm the order. Once you have confirmed the order, two notifications in the bottom right-hand corner will appear (one for the submission of the order and another once the order is filled).
The position size, direction and PnL will be displayed on the trading chart.
The positions panel displays the more information such as the leverage used, the liquidation price, used margin, trading account and two buttons to close the position at limit price or at market price.
Next, we’ll look at how to enter a position using limit orders.
To choose a limit order instead of a market order, you must select ‘Limit’ from the order panel.
To buy BTC-PERP, adjust the quantity and limit price by inputting the desired quantity and price into the quantity and limit price boxes (or use the slider to change the limit price).
For example, to submit a buy limit order at $9,300, move the slider to the left or enter 9300 in the Limit Price box.
Check 'Post-Only' if you want to ensure your order is added to the order book and choose your time in force option as well.
To submit the order, click on ‘Buy Limit’. A confirmation screen will then appear.
Once the order is confirmed, you'll receive a notification that the order was successfully submitted.
The limit order is displayed in the ‘Active Orders’ tab of the positions panel and on the trading chart (shown above).
You can adjust the quantity by hovering over the quantity and clicking on the pencil icon to edit the position size:
Once your limit order is filled, the position is opened and appears in the ‘Positions’ tab of the position panel.
As with a market order, you can close the position at the market price or by using a limit order in the positions panel.