Trading
By Mujahid
How do I place a trade?
- Open the market and choose Yes or No. Each button shows the price you'd pay for one share.
- On Buy, pick Market or Limit from the order type menu.
- For a market order, enter the amount in naira. For a limit order, enter your price and the number of shares.
- Check the cost, the fee and what you'd get if you're right, then select Review Buy.
- Select Submit Buy.
Your shares then show in your Portfolio.
What is a market order?
A market order buys or sells straight away at the best prices on offer. The review shows a Max price for a buy: no share costs more than that, and if the price moves past it before your order fills, the rest of the order is cancelled. On a sell, the review shows the least you'll cash out in the same way.
What is a limit order?
A limit order lets you set your price. A limit buy fills only at your price or lower, and a limit sell only at your price or higher. Until someone takes it, it waits in your Pending orders, with its cost held from your balance.
When nobody is selling yet, the trade slip starts on a limit order so you can set your price and wait for a match. If your price crosses what's already on offer, part of the order fills straight away and the rest waits.
Market order or limit order?
Choose market to trade now at the prices on offer. Choose limit to get your price, knowing it may take time to fill, or may never fill.
Can I sell my shares before the market resolves?
Yes, at any time while the market is open. Open Portfolio, select the position and choose Cash out, or open the market and use Sell. You sell at the price buyers are paying at that moment, which can be more or less than you paid.
Can I cancel an order?
A limit order still waiting to fill can be cancelled. Open Portfolio, select the order under Pending orders and choose Cancel this prediction. The money held for it goes back to your balance.
Market orders fill straight away, so there's nothing to cancel. To get out of a position, sell your shares.
What happens to a waiting order when the market closes?
It can't fill once trading stops, and it is cancelled when the market resolves. The money held for it goes back to your balance.
Is there a minimum or maximum trade?
Every order must be for at least one share; above that, share counts can include fractions down to 0.01. A market buy needs at least ₦100 whatever the price, because one share could cost up to ₦100.
The trade slip shows the minimum before you type. There is no fixed maximum, but a market order buys only what is on offer up to its Max price, and every buy is limited to your balance.
What does my portfolio show?
Your predictions at the top is what your shares are worth now. Select it to see what you paid and how much you're up or down.
Below it, Positions lists the shares you hold, Pending orders the limit orders still waiting, and History your past trades and results. On Positions you can choose what each row shows: your return, what it pays if you're right, the current chance, or what you staked.
Is there a trading fee?
Yes. The fee depends on the market and the price, and the review shows it before you submit. See Fees & Charges for how it's worked out.
How is promotional credit used?
If you have promotional credit, a buy spends it before your cash. The trade slip shows both balances as you type.