Token purchase and trading
By Oleh Vasylenko
updated 2 months ago
1. How can I make a purchase in cryptocurrency?
You must log in to Orderbook to make purchases with cryptocurrency. You also need to complete your KYC verification. Once you have done that, follow these instructions:
- Choose the market and create a buy order.
- Set the amount of tokens you want to buy and enter the price for one token.
- Choose the 'Buy' tab and click the 'Submit' button.
You will see your buy order's status is 'Pending'. To cancel your order, click on the X in the status column. This will work as long as the status is 'Open'. Your order status will change accordingly.
Orderbook accepts BTC and ETH. We include an associated processing fee in the total.
To make a purchase via the widget:
- Sign up / log in
- Choose your desired currency
- Set your contribution amount
- Proceed to payment.
Keep the widget open until payment processing is complete. After three transactions, the process will be complete.
2. How does Orderbook operate with the asset that I’ve deposited?
Orderbook operates on Ethereum blockchain. Therefore, it can only manipulate ERC20 tokens. We convert other tokens into an equivalent amount of ERC20 tokens. For example, Bitcoin would convert into OBTC. ERC20 tokens convert back to their original currency when withdrawn. Orderbook then sends the user’s currency to their specified address. When operating with actual Erc20 tokens, no exchange is necessary.
Most ICOs natively distribute ERC20 tokens. Therefore, conversion wouldn't apply to them.
3. Where and how are tokens stored?
Tokens bought through the widget are available in your Orderbook account. To access your tokens, please use your account login and password at orderbook.io.
4. Can I purchase tokens from any country in the world?
Orderbook is open for everyone. However, some countries can not access our markets due to legal compliance. Any wallet that supports manual gas price / gas limit entry may deposit funds.
5. Why is my transaction out of gas?
Gas, Ethereum's secondary currency, pays to process operations. It measures how much "work" an action or set of actions takes to perform. Every operation on the Ethereum blockchain costs a certain amount of gas. The more computational resources required, the higher the amount. Gas helps to ensure that submitted transactions pay an appropriate fee. This keeps the network from bogging down under an intensive workload.
We advise you to use a gas limit of 25,000 and a gas price of 22 Gwei.
You can measure what gasPrice to use with the help of this service.