You can buy and sell on the exchange using the Japanese yen balance in your spot account. For details on how to make deposits to/withdrawals from your spot account, see this official blog post. (Only available in Japanese.)
There are two order types offered on the exchange: market orders and limit orders. You can select the type you want on the screen for buying or selling a crypto asset.
Market orders
Buy market orders have their order amounts filled in order from the lowest price sell order available on the board. Similarly, sell market orders have their order amounts filled in order from the board's highest price buy order. If the total amount of an order can't be filled immediately because there are no orders on the board that match the amount, the entire amount is canceled.
Limit orders
Buy limit orders are filled when the price is at or below the price that was specified. Sell limit orders are filled when the price is at or above the specified price.
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Makers place new orders on the board, while takers fill the existing orders. All market orders are taker orders.
Whether you're considered a maker or a taker depends on the details of your order and the status of other users' orders, so it may not be determined which you are until your order is filled.
Also, the transaction fees for makers and takers are different. For details, see this page. (Only available in Japanese.)
Market orders are not filled if there are no orders on the board to fill the full specified amount to be bought or sold.
Limit orders, on the other hand, remain on the board at the price you specified.
Also, an order may be only partially filled in correspondence with another user's order, in which case the remaining order amount will remain on the board.
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The "board" refers to the Board tab, which shows a list of buy and sell orders arranged by price. This lets you check prospective buy and sell prices and amounts at a glance.
The red areas show sell orders, while the green areas show buy orders.
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Measures are taken to prevent orders from being filled due to the rapid fluctuation of crypto asset market prices or erroneous orders. Limit orders receive the following restrictions.
Order price limits
You cannot make limit orders if the order price is 50% higher or lower than the base price at the time of ordering.
Note: Base price = (best ask quote + best bid quote) ÷ 2
Example:
KAIA (KAIA)/JPY best ask quote: JPY 998
KAIA (KAIA)/JPY best bid quote: JPY 1,000
The base price would be JPY 999 and limit orders below JPY 499 or at JPY 1,499 and above would be invalid.
Note: If there is no best ask or bid quote, the last fill price is used as the base price.
Order price limits after placing an order
Limit orders that don't trigger the order price limit will also automatically be canceled if they deviate higher or lower from the base price at 10 am each day by 50% or more.
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