FIAT pegged Orders
A FIAT pegged order is a Limit Order, whose rate is tied to a FIAT currency or BTC equivalent. The ETH rate is updated following the market value in the given currency. As the ratio of the underlying trading pair is very likely to change, users have to specify a limit indicating the most unfavorable rate they would accept.
Example: You want to trade a non-stablecoin pair, e.g. Sell LINK/ETH. Because you believe that the price of LINK in dollars will increase, you want to set a Sell Limit Order for 15 LINK. For convenience, you prefer to quote your Sell rate in Fiat (e.g. USD) rather than in ETH. Hence, you select the “PEGGED” Order to sell 15 LINK at a rate of 3.20 USD. To complete the order, you have to set an ETH Rate Limit that cancels the order if the specified ETH Limit Rate is reached. Now that your Pegged order is placed, the SELL order will execute as soon as the LINK price in dollars reaches 3.20 USD.
How to place a Fiat pegged order:
In the Markets section on the left, chose the pair you want to trade (e.g. LINK/ETH).
In the order section below, click the green BUY button if you want to execute a BUY order, and the red SELL button to execute a SELL order. Next, you select “PEGGED” in the order type dropdown.
Now set the Fiat or BTC rate, the order amount and the ETH Rate Limit that you want to trade.
Use the blue slide-bar to granularly control the amount you are trading. Click the blue Place Order Button below to submit your order and sign the transaction.
When placing a FIAT pegged Order you have the option to set it as Post-Only, Hidden, and specify an Expiry.
Post-Only: Post-Only means that your order will always be posted as a maker order.
Hidden: The Hidden option makes your order invisible for other market participants.
Expiry: Setting an Expiry for your order allows you to specify a time until which your order remains valid in the order book. In case your order has not been matched by the expiry date, your order will be canceled.