The term “Best-bid-offer” (BBO) is used to describe the highest bid and lowest ask prices shown in the order book at any time for both spot and collateral markets. It helps in setting limit order prices to match the best current market rates. 

When traders place limit orders, they specify the price they're able to pay or accept. These orders will only go through if the prices match what others in the market are willing to accept. The BBO is useful because it helps traders quickly find and set the best prices to fill their orders fast.

Please note: you can place an order on our platform on our website. For detailed instructions, please use the corresponding article: How to place an order from the site.

Using the BBO when placing a limit order means the system automatically finds and uses the best market price for the order. This is especially helpful in markets where prices change quickly, as it ensures traders get the best possible price without having to keep a constant watch on the order book.

Best Bid Offer price calculation is based on:

• The side of the order to be created
• Option for BBO selected — counterparty or queue

Main features of the BBO

Best Bid Price: This is the highest price someone is willing to pay to buy a certain amount of an asset. It's the top buying price listed in the order book and usually a good deal for sellers.

Best Ask Price: The best offer, or 'ask,' is the lowest price at which someone is willing to sell a specific quantity of an asset. It's the lowest selling price in the order book and typically offers the best deal for buyers.

Types of Best Bid Offer available on our platform

Two types of the Best Bid Offer price options are available in both our mobile application & web version of our exchange:

1. “Counterparty” (opposite order-book side price) which implies that the best price should be selected from the opposite side of the order-book — from the buy order-book side for sell orders and vice versa
2. “Queue” (same order-book side price) which means that the best price should be selected from the same side of the order-book — from the buy order-book side for buy orders and from the sell order-book side for sell orders.

Please note: our platform also offers Multi limit order, which helps improve your trading experience and automate your strategies. Please find out more about this feature in our article.

How to place a limit order with BBO option?

Let's take a practical look at how to place a limit order with BBO option in the web version of the exchange, as well as in our mobile application:

In order to place a limit order with BBO option on our website:

1. Go to the trading page and select the trading pair you are interested in from the drop-down list in the upper left part of the screen.

Alternatively, you can use the Markets page by selecting a pair of currencies and clicking on Trade to the right of it.

In the new window on the bottom right, you will find a form for buying/selling an asset, which will differ depending on the type of order:

1. Choose the Limit order from the list.
2. Activate the BBO checkbox. 
3. Once you mark the BBO checkbox as active, you will see a drop-down list where you have the opportunity to select either “Counterparty” or “Queue”.
4. Enter the amount of the order.
5. Click the “Buy”/“Sell” button and then “Confirm” in the opening window.

Support

In case of any questions related to the functionality of our exchange, you can:

• Leave a request on our website;
• Write to the support email: support@whitebit.ge;
• Write to the chat using the button in the lower right corner of the screen.