1. What is CNF Pro?
CNF Pro is a facility that lets users convert supported cryptocurrencies to other cryptocurrencies using advanced features and functions. We use our exclusive algorithm to connect with major exchanges and aggregate prices to provide users with great market depth.
2. Prices
- As a buyer purchasing a digital asset, you will pay attention to the ask price. As a seller selling a digital asset, you will pay attention to the bid price,
- The ask price is always higher than the bid price. The difference between the two is called the mid price or spread. The lower the spread, the greater the market depth.
3. Markets
"Markets" indicates changes to different assets. Users are usually concerned about the latest price, trends, and ranges. This is what we call “up & down”, which equals (latest quote - base quote) / base quote.
Sparrow base quotes are calculated as the following:
K-line changes = (K-line closing price - K-line opening price) / K-line opening price * 100%
Market changes = (latest quote - closing quote 24h before) / closing quote 24h before * 100%
Sparrow aggregate ask and bid price to establish our quotes. Sparrow’s quote = (ask + bid) / 2
4. Order
The record of buying or selling actions, which contains the time of action, trade directions, order status, and price * amount of the trading asset.
A. Current order: order yet to be filled or still running.
B. History order: filled or canceled orders
5. Order Types
(1) Limit Order
Limit order allows the user to place an order at a specified or better price. A better buying price means it is lower than the limit buying price, a better selling price means it is higher than the limit selling price.
e.g. If the user initiates a buying limit order at the price of 10,000 USD, the strike price will be below or equal to 10,000 USD; if the user issues a selling limit order at 10,000 USD, the strike price will be above or equal to 10,000 USD.
(2) Market Order
Market order is an order to be instantly filled at the market price. However, exceedingly high trading volume may lead to large spread losses.
6. Order Strategies
(1) GTC (Good till Canceled)
The order will remain active until it is filled or cancelled. Eligible for any order.
(2) IOC (Immediate or Cancel)
All or parts of the order will execute immediately and any unfilled portions of the order will be canceled. Exclusive to limit and conditional limit orders.
(3) FOK (Fill or Kill)
The order must be filled immediately in its entirety or it will not execute. Exclusive to limit and conditional limit orders.
7. Order Status
Pending: order is standing by and not running. Triggered limit orders will become “running” orders.
Running: order is filling but not finished, which includes the unfilled and partially filled portion
Cancelling: order is in the process of canceling
Filled: orders that have finished
Cancelled: order cancellation process completed, which includes the cancellation of unfilled and partially filled portions.