How to set a Limit Order

Setting a DeFi limit order is simple, you can follow the instructions in the video below, or scroll on for text.

Step 1 - Open the Bogged Limit Order interface

Click here to visit the Limit Order interface.

Step 2 - Connect your wallet and select the chain you wish to trade on

At the top right of the page, you will notice the wallet icon, and to the left of this, the blockchain you will be trading on. To connect your wallet, simply press the Wallet icon and accept.

Step 3 - Choose your token and whether you wish to limit buy or sell

Bogged provides a sizable number of tokens already within this list. If you can’t find the token you wish to trade, simply paste in its contract address into the search box.

For this demonstration, we will be purchasing BOG.

Remember- as we are submitting a limit buy order, we are expecting the price to fall. To sell a token as its price climbs, use a limit sell

Step 4 - Selecting target price

You can now select the token you'll be using to purchase your desired token with, using the "From" field.

In the below example, we are using 1000 BUSD to purchase BOG:

The β€˜to’ section will automatically populate with the current number of tokens that BNB would provide at the present market rate. To enter your desired market rate (the price you wish to buy at), simply modify the "BUSD per BOG" (or whatever tokens you happen to be trading) field.

In the below example, we are setting BUSD per BOG to 0.20. The "To" field updates to reflect this change.

For new users of Limit Buy orders, we suggest using a stablecoin such as BUSD to place the order, as it gives a simple insight into the dollar value of your desired token when the order fills.

Before finalising the order, there are two more boxes to pay attention to:

Token Tax - this is for any taxes on the token you wish to trade. Taxes are token/project specific, so you will need to research whether one applies to your tokens. Do not worry if the tax field isn't accurate- your order will fill as long as the price is within [desired rate + tax], so if you're unsure set the tax a bit higher. You will never be charged more than a standard market order, the tax input is simply there so our systems don't cancel orders with unusually high slippage. (a symptom of high taxes)

Expiry - This is how long your order will remain active once submitted, this can be any value between 1 and 365 days.

Step 5 - Finalise and place your order

Below the order input boxes you'll find some helpful information about the trade you're about to make. It's always a good idea to double check these values, to make sure the order information is correct.

If you are happy with your order, approve any necessary contracts/tokens and submit the order.

Contract and Token approvals: These are necessary to allow the Bogged platform to fulfil the trade when the trigger price is reached. The Bogged limit order smart contract will only have permission to make the trade you authorise, and this can be revoked at any time. As with any wallet action, approvals will invoke a small gas charge.

Once done, your order is visible in the β€˜Your Orders’ section of the Limit Orders page, where it can be monitored and modified if necessary.

Make sure to maintain the balance of tokens needed for the order in your wallet, otherwise it will cancel

πŸ‘‰ If you still need help with limit orders, please have a look through our FAQ in the following section

Last updated