Mate Limit Orders: A Less-Expensive Swapping Option
You may be familiar with Mate’s low trading fees, only 0.2% for any token swap. But do you know how this is possible? In this article, we’ll get into the nuts and bolts of Mate’s limit orders and show you how to place one for yourself.
Simply put, a limit order is a request to swap one token for another. Limit orders are different from regular swaps because they can only occur when the order price matches the set price. Regular swaps take place instantly at the current market price.
What Makes Mate Limit Orders Unique?
Mate is a specially designed DEX with features that set it apart from typical DEXs. Your average DEX works on something called an order book. Order books fulfill your request, a swap, buy, or sale for example, once specific conditions are met.
Most DEXs only execute orders with the current market price and have big slippage problems. The ones that do have limit orders have very low liquidity and sometimes the order never gets completed.
With Mate, you can make limit orders with minimal slippage and high liquidity. What’s more, the transaction fees are much lower than other DEXs.
A Mate Limit Order From Start to Finish
First, a user selects a token to swap, chooses the price and amount, and places the order. Mate’s executor nodes notice the order and track the price and market conditions necessary to meet it. Once these conditions are met, Mate places the order on the AMM market. AMMs are where Mate gets the liquidity for its orders from. Mate fulfills the order at just the exact time when the final price matches the required price, covering both slippage and AMM fees.
This is how Mate can match exact order prices with no slippage at any amount with minimal fees.
How to Place a Limit Order
Now that you know how Mate can offer such low trading fees, it’s time to learn how to place a limit order. Don’t worry, it’s a quick process that only takes a few steps.
First, connect your crypto wallet. Mate interacts with both Metamask and Walletconnect.
Step 1: Choose which token to swap
Next, choose the token you want to swap. Paste the address of any BEP20 token in the search token field. Click MAX if you want to trade your whole balance.
Step 2: Choose the token you want to receive
Choose the token you want to receive. Again, you can either paste the address or choose from the list.
Step 3: Choose your rate
The price rate field will be empty until you place your desired rate or click “Current rate”. The order is always completed at the best rate.
About the current rate:
The “current rate” field gets price data from AMMs. We use PancakeSwap as a reference to obtain the current rate. Mate lets you change the swap price for your orders while PancakeSwap doesn’t.
Step 4: Set a time limit
Next, set a time limit for the order to expire. You can choose between one, two, seven, and 30 day limits. When the time limit ends, your pending limit order needs to be canceled manually, and the fee will be returned to you. This refund does not include network gas fees. Soon this feature will be an automated one.
Step 5: Place your order
Once you’re ready to go, click “Place Order” and a confirmation window will appear. Click “Place Limit Order” to confirm.
And that’s it! You’ve successfully placed a limit order with Mate. Easier than you expected, right?
Now that you know how to place limit orders, why not give it a try for real? Follow the link to our website where we offer not only limit orders, but farming and staking as well. There’s so much you can do with Mate, and with 0.2% trading fees, you can’t afford to not try ➡️ Mate Farming
MATE is a DEX that enables traders to maximize their trade returns through limit orders that guarantee trade execution without risking their assets via unpredictable slippage.