CoinSpot now offer a variety of COIN/AUD Markets with a fee of 0.1% per transaction.
The Markets enable CoinSpot customers to sell to, and buy coins from each other.
You can browse orders available in the Market and set your own order.
The prices are set by the individual. If you set a sell price and there is a customer willing to buy at that price, even if under market value, the sale will process immediately and the coins will be sent to the buying customer.
You cannot use the market as a stop loss, as there is likely to be a buyer at the price you set.
If you create a Sell order, the funds will be held and you will not be able to remove those funds from the CoinSpot platform or sell them in Instant sell.
To cancel an open order on the market, you need to go to the markets page and from there scroll to the bottom of the page and press cancel on your open order.
A 'pegged to market' works by allowing a customer to set a percentage above/below market (CoinSpot market) you are willing to pay for a coin. As the market moves up and down, the percentage remains the same. If an amount of coin becomes available to fulfil at least part of your order, the market will buy the coins for you at that price, and this continues to operate until you have purchased the amount of coin you are after, or you cancel the buy order.
So if you wanted to purchase 2 BTC and the coin market value was $3000 and you set the percentage at -1%, and 1 coin became available for $2970, your sale would go through, with 1 BTC remaining to purchase. If the market value then increases to $4000 and a coin becomes available for $3960, the market would then purchase your second coin, and your order would close.
'Pegged to mid' works in the same way, although it is linked to the midpoint of prices offered for the coins on the CoinSpot market and will go up and down as that fluctuates.
'Pegged to best' works in the same way, although it is linked to the best buy, being the highest buy order on CoinSpot.