In the Order section on the left-hand side of the Exchange view you will find the different order types:
Market order
A market order is the quickest and easiest order type. It is meant to be executed instantly at the available prices in the order book, which means they are taking away liquidity from the order book as they are matched with existing limit orders.
If you want to get in or out of a trade quickly, then you might want to use this order type. However, a market order may result in the execution of a trade at different prices, based on the quantity of the market order and the quantities of the existing orders on the order book at the time.
A market order may result in the execution of a trade at a price less favourable than the most recent trade price, in some cases significantly less.
Limit order
A limit order is not meant to be executed instantly, but is used to put an order in the order book that executes at your specified Limit price (or better price).
For example, if the price for PAN/EUR is currently at EUR 0.09 and you place a limit buy order for a limit price of EUR 0.07, then your order is meant to execute at the price of EUR 0.07 as soon as there are matching bids at this price.
However, if the price for PAN/EUR is currently at EUR 0.09 and you place a limit buy order for a limit price of EUR 0.13, then it will act as a market order at first and will buy up (better price) everything until it reaches your specified limit price (taker fee). If the amount of the order is bigger than what was available in the order book, the remaining amount will now act as an open limit buy order (and hence pay a maker fee).
Note: When placing a limit order, please understand that if there are no or not enough matching bids for your order, your order will either not execute or only execute partially.
If you want to place an order that does not get executed immediately, to buy at a lower price than the market price or to sell at a higher price than the market price, you might want to use this order type.
Advanced limit orders
Click the Advanced checkbox to further customise your limit order with one of our advanced order type settings:
Good ‘til Cancelled (GtC)
This is the default order type for limit orders. The order stays active until it’s either executed or cancelled.
Good ‘til Time (GtT)
The user specifies when the limit order should be cancelled. If the limit order is not triggered, the order closes automatically at the time specified by the user (up to one week). Please note that GtT will be to the specified minute. If you specify the order should expire in 1 minute, then it will be when that minute is over. So if you open an order with a 1-minute expiry at 12:48:55, then it will be cancelled after 5 seconds.
Immediate or Cancel (IoC)
The limit order is placed and if it is not immediately filled, it will automatically be cancelled and removed from the order book.
Fill or Kill (FoK)
The limit order will only be executed if the entire amount can be matched. Partial matches are not filled with this order type and the order will be cancelled.
Tip: They can be used on desktop, mobile and tablet as well as via the One Trading API.
Stop limit order
A stop limit order is an advanced order type. It is not executed instantly, but is only Active at first. When the specified Stop price is reached (or crossed) the order is then Triggered and put in the order book, and once placed in the order book, acts as a normal limit order.
For example, for a sell order with these settings (see screenshot below), the following will happen. If the price of BTC reaches or crosses EUR 9,000 (Stop price), an order to sell 1 BTC (Amount) at a price of EUR 8,900 (Limit price) will be placed in the order book.
The placed order then acts like a normal limit order and is meant to execute at your specified Limit price.
Note: As with limit orders, when placing a stop limit order, understand that if there are no or not enough matching bids for your order then it will not execute or only execute partially.
If you want to set a buy or sell limit in the order book that would otherwise not be possible, because your order would be matched immediately, for example to lock in potential profits or limit your potential losses, you might want to use this order type.
There are several ways a stop limit order might behave, depending on the current market price, the values you enter and if you attempt to either buy or sell. These scenarios can be:
Note: All scenarios require enough liquidity in the order book.
Buy scenario 1
Buy scenario 2
The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.
Buy scenario 3
Buy scenario 4
The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.
Sell scenario 1
The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.
Sell scenario 2
Sell scenario 3
The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.
Sell scenario 4
Post-only orders
“Post-only” orders are used to ensure that a limit order is placed in the order book and thus incurs maker trading fees if the order gets filled. If the system detects that the order is not filled at maker fees, the order will automatically be cancelled before it reaches the order book.
Allow Taker
“Allow Taker” allows the order to be filled regardless of whether the order is matched with previously-existing orders in the order book at the same price or as a maker.
