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Bitworld - FAQ
Frequently Asked Questions
  • Cryptocurrency Trading

    Cryptocurrency, also known as digital assets, trading is the buying, selling or holding of cryptocurrencies such as Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC) amongst others, with the aim of generating a profit from short, medium or long term fluctuations in their prices.

    Trading on the Bit World platform can be performed by exchanging fiat currency such as CLP, for cryptocurrency, or one cryptocurrency for another for example Bitcoin (BTC) for Ethereum (ETH).

    If you are new to the world of cryptocurrency trading, Bit World has put together a number of resources that may help you get started, these include:

    • A Trading glossary that has definitions of terms that you will come across while trading.

    • The different types of cryptocurrencies you can trade on the Bit World exchange. You can find the full list of assets available on the Bit World platform here.

    • How to trade.

    • How trading fees are calculated

    If you are already an experienced trader, the following resources maybe useful;

    • How to set up the different order types and order options available to you on the Bit World platform.

     

    Spot Exchange Trading

    While utilizing Bit World as a "spot exchange", you must have adequate balances in one currency to exchange for another. For example, depositing CLP in order to exchange for BTC on the BTC/CLP pair.

    After executing a spot exchange between currencies the balances are available to be exchanged again or withdrawn.

    When using the order forms, then you are spot exchanging between currencies and must have adequate balances in one of the pairs. For most spot exchange orders, the Simple order form is sufficient.

    Summary

    A "Spot Exchange" is exchanging one currency you own for another.

    Examples

    Example of a spot exchange:
    Exchanging 500 CLP for ETH on the ETH/CLP trading pair.

     

    Currency Pairs Available for Trading on Bit World

    Not all currencies available on Bit World can be directly traded for one another. This article lists all tradable currency pairs (also referred to as markets) on our exchange.

     

    Fiat-to-Fiat Pairs

    Fiat currencies are not directly interchangeable on Bit World.
     

    Fiat-to-Crypto Pairs & Crypto-to-Crypto Pairs

    BTC / USDT

    BTC / CLP

    BTC / ETH

    ETH / USDT

    ETH / CLP

    CHA / USDT

    CHA / CLP

     

    How to Convert Between Fiat Currencies

    Fiat currencies are not directly interchangeable on Bit World.

    However, you can trade your fiat currency for a common cryptocurrency (like BTC, ETH, or CHA), and then trade that cryptocurrency for a different fiat currency.

    Note:

    • All trades in a fiat-to-crypto-to-fiat transaction will be charged trading fees on every step of the way.

    • The exchange rate of going from fiat-to-crypto-to-fiat will depend on the liquidity and activity of each trading pair at the time and might not match exchange rates seen on FOREX markets.

    Tip: generally, Bitcoin (BTC) and Ethereum (ETH) are the most liquid cryptocurrencies.

    Example

    If you want to convert CLP to BTC:

    1. Buy Bitcoin (BTC) using your CLP.

    2. Sell Bitcoin (BTC) for CLP.

    Other common cryptocurrencies between CLP:

    • Ethereum (ETH)

    • Bitcoin (BTC)

    • Chaucha (CHA)

    Refer to the table of Fiat-to-Crypto Pairs to find common cryptocurrencies for other fiat currencies.

    • Bitcoin (BTC) and Ethereum (ETH) will work for all fiat currencies.

    • Chaucha (CHA) will work for all fiat currencies.

     

    Trading Glossary

    Assets

    Cryptocurrency

    A cryptocurrency is a digital asset designed to facilitate peer-to-peer financial transactions and smart contracts on the internet in a decentralized manner.

    Fiat currency

    A fiat currency has no intrinsic value and is established as legal tender by a government. Examples include the US Dollar (USD) and Chilean Peso (CLP).
     

    Markets

    Currency pair (Market)

    In order to trade one currency for another, there must be a market (also known as a "currency pair") linking both currencies.

    In a currency pair, the price indicates how much of the quote currency is required to buy one unit of the base currency.

    For example, a price of 1000 CLP for BTC/CLP means that 1000 CLP is required to purchase 1 BTC.

    Base currency

    The first currency in a currency pair is called the base currency.

    For example, in the currency pair BTC/CLP, BTC is the base currency.

    Quote currency

    The second currency in a currency pair is called the quote currency.

    For example, in the currency pair BTC/CLP, CLP is the quote currency.
     

    Order Options

    Minimum order size

    Each tradable currency on Bit World has its own minimum order size. An order placed with a volume below the minimum order size will be rejected.

    Limit order type

    A limit order will buy (or sell) at a pre-specified price or better.

    A limit order can be maker or taker depending on whether it crosses the order book or not.

    Market order type

    A market order will buy (or sell) at the best average market price.

    All market orders as taker.

    Maker

    A maker (not to be confused with a market order) is a limit order that is not immediately matched/filled with an existing order on the order book.

    Makers add liquidity to the order book.

    Taker

    A taker is a market or limit order that is immediately matched/filled with an existing order on the order book.

    Takers remove liquidity from the order book.

    Stop Limit order type

    A stop limit order is typically used as a closing order to limit your losses or lock in your profits on a long or short position. But they can also be used to open a position.

    Order Statuses 

    Open order

    Open orders can either be “touched” or “untouched”.

    An "untouched" open order is an unfilled order.

    A "touched" open order is an order that is partially, but not completely, filled.

    Filled order

    An order can be "partially" or "fully" filled.

    To fill a buy or sell order is to match it with one or more orders of the opposing type.

    Buy orders are filled by matching with sell orders; sell orders are filled by matching with buy orders.

    Closed order

    A completely filled order will be listed as "closed".

    Cancelled order

    A cancelled order is an order that has been withdrawn from the order book without being fully filled. A cancelled order will either be untouched or partially filled.
     

    Order Books

    Order book

    The order book is a list of unfilled buy and sell limit orders. It is used by an exchange to fill market orders at the best available price. 

    Ask

    An order listed on the sell side of the order book

    Bid

    An order listed on the buy side of the order book 

    Bid/Ask depth

    The Bid/Ask Depth represents the cumulative volume of buy and sell orders at a particular price. The bid depth at a given price is the cumulative volume of current buy orders on the book at that price or higher, while the ask depth at a given price is the cumulative volume of current sell orders on the book at that price or lower.

    Bid/Ask spread

    The difference in price between the highest bid and the lowest ask on the order book.

    The bid/ask spread chart available for Bit World markets only shows the spread between the highest limit buy order and the lowest limit sell order (plotted over time). A market order will fill in this gap if there are matching market orders of the opposing type sufficient to fill it. Otherwise it will fill, at least in part, using limit orders of the opposing type.

    Depth chart

    A visual representation of the demand and supply at different price levels. The bid/ask depth available for Bit World markets only shows the bid and ask depth of limit orders on the order book.

    Liquidity

    A term that describes the amount of activity on a market. High liquidity means a high volume of activity in a market where lots of parties are willing to take the other side of a trade.

    Volatility

    A market’s volatility is its likelihood of showing rapid and unpredictable price movements.
     

    Price Terminology

    New clients will often confuse the Last Traded Price with the Market Price. Here are the important differences between the two, as well as other price terminology.

    Last Traded Price: The price at which the last order in the market was carried out at. For example, if the last trade that went through for BTC / CLP was 10351, the Last Traded Price is 10351. Last Traded Price is purely historical and is not the price that a market order will be executed at.

    Market Price (Taker Price): "Market price" for an order means the lowest current ask price (for buy orders), or the highest current bid price (for sell orders). Market price is essentially the best offer on the order book, which will be different for buyers and sellers, since the best offer for buyers is the lowest sell order on the book and the best offer for sellers is the highest buy offer on the book.

    Best Average Market Price: The "best average market price" for a market order means the (weighted) average price of the best current asks or bids that can fill the order. This is important for understanding how market orders fill. Typically a market order will be filled by several opposing orders on the book. A market buy order will be filled by several of the lowest asks on the book and a market sell order will be filled by several of the highest bids on the book. Hence, the average fill price of a market order will be the best average market price - a weighted average of the different orders at different prices that filled the market order (weighted according to the size of the filling orders).

    Limit price (Maker price): The limit price is the price at which you want a limit order to be fulfilled or better.

    • A limit order buy can only be executed at the limit price or lower

    • A limit order sell can only be executed at the limit price or higher

     

    Market and Limit Orders

    Market and Limit orders are two critical trading terms to be aware of before you begin trading. But how do you decide whether or not to use a limit order versus a market order? That depends entirely on what you are trying to achieve.
     

    What is a market order? 

    A Market order is designed to be executed quickly. It is meant to buy or sell at the best average market price. The drawback of a market order is that you’re not guaranteed the exact price you’re trying to buy or sell at - you’ll have to pay the difference between the buyers’ bid price and sellers’ ask price in order to execute the trade. This is referred to as the bid/ask spread, and it’s usually relatively small unless the price moves very quickly. 

    In short, using a Market order you can buy or sell at the best average market price. Market orders are designed for immediate execution.

    What is a limit order?

    A limit order lets you buy or sell at a fixed price that you determine, and oftentimes you’ll get a better price depending on how the market moves. The advantage of limit orders over market orders is that they can ensure a better average fill price, since the bids or asks used to fill the order will be at the limit price. Additionally, if the market moves in your favour your limit order can fill at a price better than your limit price (i.e., your limit buy order fills at an average price lower than your limit price or your limit sell order fills at an average price higher than your limit price).

    The disadvantage of limit orders is that there's no guarantee the order will completely fill (or fill at all) - it may not be the case that adequate bids or asks to fill the order will appear on the market.

    In short, using a Limit order you can buy or sell at a fixed price (or better). Limit prices are designed to let you buy or sell exactly at the price you set.

    Gráfico de profundidad

    Una representación visual de la demanda y la oferta a diferentes niveles de precios. La profundidad de compra/venta disponible para los mercados de Bit World sólo muestra la profundidad de compra y venta de las órdenes limitadas en el libro de pedidos.

    Liquidez

    Un término que describe la cantidad de actividad en un mercado. Alta liquidez significa un alto volumen de actividad en un mercado en el que muchas partes están dispuestas a tomar el otro lado de una operación.

    Volatilidad

    La volatilidad de un mercado es su probabilidad de mostrar movimientos de precios rápidos e impredecibles.


    Terminología de precios

    Los nuevos clientes a menudo confundirán el Último Precio Operado con el Precio de Mercado. Aquí están las diferencias importantes entre los dos, así como otra terminología de precios.

    Último precio negociado: El precio al que se realizó el último pedido en el mercado. Por ejemplo, si la última operación que se realizó para BTC / CLP fue 10351, el último precio negociado es 10351. El último precio negociado es puramente histórico y no es el precio al que se ejecutará una orden de mercado.

    Precio de mercado (precio de compra): "Precio de mercado" para una orden significa el precio de venta actual más bajo (para órdenes de compra), o el precio de oferta actual más alto (para órdenes de venta). El precio de mercado es esencialmente la mejor oferta en el libro de pedidos, que será diferente para compradores y vendedores, ya que la mejor oferta para compradores es la orden de venta más baja en el libro y la mejor oferta para vendedores es la oferta de compra más alta en el libro.

    Mejor Precio Promedio de Mercado: El "mejor precio medio de mercado" para una orden de mercado significa el precio medio (ponderado) de las mejores peticiones u ofertas actuales que pueden cubrir la orden. Esto es importante para entender cómo se llenan las órdenes de mercado. Típicamente una orden de mercado será ejecutada por varias órdenes opuestas en el libro. Una orden de compra de mercado se cumplirá con varias de las solicitudes más bajas del libro y una orden de venta de mercado se cumplirá con varias de las ofertas más altas del libro. Por lo tanto, el precio medio de ejecución de una orden de mercado será el mejor precio medio de mercado, es decir, una media ponderada de las diferentes órdenes a diferentes precios que cumplieron la orden de mercado (ponderada en función del tamaño de las órdenes de ejecución).

    Precio límite (precio del fabricante): El precio límite es el precio al que desea que se cumpla una orden limitada o mejor.

    Una orden de compra limitada sólo puede ejecutarse al precio límite o inferior

    Una orden de venta a precio limitado sólo puede ejecutarse al precio límite o superior.

     

    Órdenes de Mercado y Límite

    Las órdenes de mercado y las órdenes de límite son dos términos comerciales críticos que debe tener en cuenta antes de comenzar a operar. Pero, ¿cómo se decide si se utiliza o no una orden limitada frente a una orden de mercado? Eso depende enteramente de lo que usted está tratando de lograr.


    ¿Qué es una orden de mercado? 

    Una orden de mercado está diseñada para ser ejecutada rápidamente. Se trata de comprar o vender al mejor precio medio del mercado. La desventaja de una orden de mercado es que no se le garantiza el precio exacto al que está tratando de comprar o vender - tendrá que pagar la diferencia entre el precio de oferta de los compradores y el precio de venta de los vendedores para poder ejecutar la operación. Esto se conoce como el margen entre la oferta y la demanda, y suele ser relativamente pequeño, a menos que el precio se mueva muy rápidamente. 

    En resumen, con una orden de Mercado usted puede comprar o vender al mejor precio medio de mercado. Las órdenes de mercado están diseñadas para su ejecución inmediata.

    ¿Qué es una orden limitada?

    Una orden limitada le permite comprar o vender a un precio fijo que usted determine, y a menudo obtendrá un mejor precio dependiendo de cómo se mueva el mercado. La ventaja de las órdenes de límite sobre las órdenes de mercado es que pueden asegurar un mejor precio medio de ejecución, ya que las ofertas o peticiones utilizadas para ejecutar la orden estarán al precio límite. Además, si el mercado se mueve a su favor, su orden limitada puede ejecutarse a un precio mejor que su precio límite (es decir, su orden de compra limitada se ejecuta a un precio promedio inferior a su precio límite o su orden de venta limitada se ejecuta a un precio promedio superior a su precio límite).

    La desventaja de las órdenes a precio limitado es que no hay garantía de que la orden se ejecute completamente (o de que se ejecute en absoluto) - puede que no sea el caso de que aparezcan en el mercado pujas adecuadas o que se pida que se ejecute la orden.

    En resumen, usando una orden de Límite usted puede comprar o vender a un precio fijo (o mejor). Los precios límite están diseñados para permitirle comprar o vender exactamente al precio que usted estableció.

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  • A Bid is a standing order where the trader wishes to buy a contract at a specified price and quantity. An Ask is a standing order where the trader wishes to sell a contract at a specified price and quantity.

  • The word "altcoin" is an abbreviation for "Alternative Currency (of Bitcoin)" and, therefore, describes all cryptocurrencies, except Bitcoin. Altcoins are known as Bitcoin alternatives because, at least to some extent, most altcoins expect to replace or improve at least one component of Bitcoin.

  • A miner is especially responsible for maintaining security in the blockchain, because it is responsible for validating transactions through a rather difficult process. He is in charge of solving mathematical problems - his computer performs the task alone - as a security protocol to validate a block and link it to the blockchain. The miner receives a reward, which is generated at the moment and he is paid with the cryptocurrency he is mining. As mentioned before, the computer must test the results for the mathematical problem and succeed, this takes quite a long time, so that several computers that work together are used. This mining process must have an adequate complication, since, if it is quite easy, more than one miner would validate the same block, generating orphaned blocks that are undesirable, so the blockchain has a mechanism where from time to time the miner's difficulty is adjust automatically.

  • It is a computer equipment that is connected to the blockchain and has downloaded a copy of it. There are different types of nodes and all the transactions that are transcribed in the blocks are copied in each of the nodes, updating the information. In addition, the nodes are the ones that receive the transactions and are in charge of forwarding this information to the closest nodes.

    The nodes generate a distributed, peer-to-peer network, so that each node is the same as another, there is no node that is central or more important than the others, so if one dies it would not affect the operation of the network blockchain.

  • One of the wonders of blockchain technology is that the bank is no longer needed as a backup for your money, nor as a mediator of a transfer of value, now the person responsible for your money is you, so the private keys will be so valuable like the cryptocurrencies you own.

    There are two types of keys or keys in a user's wallet, these digital keys are the ones that give control to the access of the stored cryptocurrency.

    The public key is the address of your wallet, it is the visible key that allows another user to send you cryptocurrencies. Instead, the private key is the one used by the owner of the cryptocurrency to use that cryptocurrency, without the private key the user cannot operate his currency. Never show your private key to anyone.

  • The order book is an accounting book that is modified in real time where it registers all market orders opened by users (purchase / sale order), giving priority to executing the cheapest sales order and on the other hand , gives priority to the most expensive purchase order taking into account the oldest orders first. Deliver valuable information to users before opening an order.

  • KYC Know Your Customer (know your customer), is the process in which the company has a complete knowledge of the customers you have. It serves to prevent money laundering or other illegal activities. In this way the company requests detailed information from customers.

  • A cryptocurrency is a digital means to exchange values, transactions are executed thanks to the blockchain, which functions as an accounting book that records each operation in each node that is part of this distributed network. A cryptocurrency acquires its value through mining which gives security to the protocol, a value is also generated according to the utility of the currency.

  • They allow compliance with the agreement once the parties have complied with their respective clauses. In this way, a smart contract will not be activated until those involved comply with its terms.

    These programs work through Blockchain technology, in which all transactions made are recorded without the risk of the information being altered or damaged.

  • Corresponds to the acronym Anti Money Laundering that refers to the prevention of money laundering where the regulatory framework that financial institutions and other regulated entities must comply to prevent, detect and report on possible activities suspected of money laundering is granted.

  • Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

    Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

    Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.

  • It is a platform that allows sellers and buyers to relate to carry out a transaction, giving them the technical and commercial environment to develop in the best conditions.

  • It is the virtual wallet that is delivered to the user to save and manage their cryptocurrencies, they consist of a program that supports cryptocurrencies. This has a public address which is responsible for receiving cryptocurrencies.

  • Market Orders

    A market order is an order to be executed immediately at current market prices. Traders use this order type when they have an urgent execution. Pay attention to the orderbook when selecting this order type, otherwise a large market order may “walk the book” and incur market-impact costs.

    Limit Oders

    Limit orders are used to specify a maximum or minimum price the trader is willing to buy or sell at. Traders use this order type to minimise their trading cost, however they are sacrificing guaranteed execution as there is a chance the order may not be executed if it is placed deep out of the market.