When it comes to choosing your favorite digital currency exchange, it’s not as easy as you might think to make a choice. While most people agree that several exchange platforms are horrible to use because of their delays in deposits and withdrawals, or simply because they operate in rather “shady” ways; the playing field has become so large over the past few years. Even though the UMEX exchange is still in beta, their team is pushing forward to provide the perfect exchange ecosystem.
Just a few days ago, we mentioned how the UMEX exchange platform will protect their customers from Bitcoin’s price volatility. Needless to say, this will prove to be a very welcome feature for many years to come, and implementing such a feature seems to give UMEX an advantage over their competitors at this point in time.
In a press release I received little over 24 hours ago, a new feature for the UMEX platform has been announced. Or, to be more precise, there will be several “features” which all fall in the same category : providing your customers with an expanded list of order types to execute their digital currency trades.
One of the new order types will be called “Good-till-Cancelled” or GTC. A GTC order will remain active on the UMEX platform until the trade has either been executed successfully, or the trader cancels the order. These types of orders are most common across digital currency exchanges, and they are proven to be best suited for traders who are still learning the reigns of trading.
“Day Orders” will be another new order type on the UMEx exchange platform in the near future. As the name suggests, these types of orders expire at the end of the regular trading session (depending on server time) unless fulfilled earlier. Because these orders have an automatic expiration date, which in turn protects traders from not meeting the new market realities after the morning news.
Up next we have the “Good till Date” [or GTD] orders. UMEX users will be able to use this type of order to step up trades which remain valid right up until a date they specify themselves. Depending on the trader’s desire and need, Good till Date orders can range anywhere from two hours up to two weeks and longer.
Good till Date orders will prove to be beneficial in short fluctuation periods, especially where the Bitcoin price is concerned. During these periods, Bitcoin trading requires the creation of multiple different orders with a short lifespan. While every exchange platform lets you create as many orders as you would like , UMEX’s GTD feature will remove the hassle of tracking and cancelling unexecuted orders.
More detailed information in regards to creating these different types of orders can be found here: https://www.umex.com/descriptive?alias=operation-manual#creating-gtdgtc-and-day-orders
Source : Press release via email
Website : https://www.umex.com