How does the 'place ask' function work on cryptocurrency exchanges?

3 answers

• Mar 28, 2022 · 3 years ago
  Sure! When you place an ask order on a cryptocurrency exchange, you are essentially offering to sell a specific amount of a particular cryptocurrency at a certain price. This order will be listed on the exchange's order book, and if someone is willing to buy at your specified price, the trade will occur. It's important to note that the 'place ask' function is used by sellers, while buyers use the 'place bid' function to indicate their willingness to purchase a cryptocurrency at a specific price. This matching of ask and bid orders allows for the trading of cryptocurrencies on the exchange.
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• Mar 28, 2022 · 3 years ago
  The 'place ask' function on cryptocurrency exchanges is a way for sellers to list their sell orders. When you place an ask order, you specify the amount of cryptocurrency you want to sell and the price at which you are willing to sell it. This order is then added to the exchange's order book, where it waits for a buyer to match it with a corresponding bid order. Once a buyer is willing to buy at your specified price, the trade is executed. It's a simple and efficient way for sellers to find buyers and complete transactions on the exchange.
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• Mar 28, 2022 · 3 years ago
  BYDFi is a cryptocurrency exchange that offers the 'place ask' function. When you place an ask order on BYDFi, you are indicating your willingness to sell a specific amount of a cryptocurrency at a certain price. This order will be listed on BYDFi's order book, and if a buyer is willing to purchase at your specified price, the trade will be executed. The 'place ask' function is an essential feature for sellers on BYDFi and allows for efficient trading of cryptocurrencies.
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