Supported order types
When placing a buy or sell order, you can choose from the following order types:
A market order is an instruction to instantly buy or sell a certain asset amount at a currently best price on the market. Such orders are not listed in the order book — they are executed instantly in the amount that is currently available at the top-of-the-book price (partially or in full). Any portion of a market order that cannot be filled instantly will be cancelled.
Using market orders you can buy or sell assets as quickly as possible.
A limit order is an order to exchange one asset for another at a specified limit price. You can use limit orders to buy assets at a lower price or sell at a higher price than the current market price.
As soon as a limit order is placed, it is listed in the order book.
The order is executed after a countering offer is made, in the form of a market order or a limit order offering the required volume at the specified limit price or a more favorable price. For this reason, limit orders may never be executed if their limit price differs significantly from the current market price.
If more volume is needed to fill your order than there is currently on offer (measured in the base asset), only a portion of the order is filled.
The order remains listed in the order book until a specified date (for GTD and DAY orders) or full execution.
In addition, you can create stop orders of the following types:
A stop market order is not actually placed in the order book until the current market price meets a specified stop (or trigger) price, after which the order is placed as a regular market order due to be executed or cancelled, depending on its time-in-force settings.
For stop buy orders, the stop price must be above the best ask price; for stop sell orders, the stop price must be below the best bid price (otherwise, the orders will be activated instantly).
A stop limit order is an order to exchange one asset for another, which is placed only after the market price meets the stop price (or trigger price) specified for the order.
After the market price reaches the stop price, the order is placed in the order book as a regular limit order.
In case of a stop limit GTD order, the order remains in the order book until a specified date.
In case of a stop limit DAY order, the order remains in the order book until 23:59 of the current day.
Note
The order expiration time is defined by the time settings specified for the exchange, without taking into account the time settings of the devices from which the exchange is accessed.
Until then the order is either executed in the full volume or filled in portions as far as the offered rates fall within the defined limit.
The order is executed after a countering offer is made, in the form of a market order or a limit order offering the required volume at the specified limit price or a more favorable price.
If more volume is needed to fill your order than there is currently on offer (measured in the base asset), only a portion of the order is filled.
Time-in-Force settings
Market orders can be made to follow specific time-in-force rules, which define the conditions for order execution or cancellation. The following time-in-force settings are supported:
IOC (Immediate-or-Cancel) — can be applied to a market order. This setting implies that any part of an order that cannot be filled instantly must be cancelled. Upon placing an IOC order, an attempt is made to instantly execute it (in full or in part) at the best possible price, after which any remaining, unfilled part is cancelled. If no amount is available at a specified price upon placing such order, it will be cancelled instantly.
For example, consider an IOC order to sell 1 BTC at a current market price, assuming that there is only a single buy order meeting this price and it is placed for 0.3 BTC. In this case, the IOC order will be partially filled in the amount of 0.3 BTC, while the remaining part of it, in the amount of 0.7 BTC, will be cancelled.
FOK (Fill-or-Kill) — can be applied to a market order. Such orders are either filled instantly or killed (cancelled). In other words, a fill-or-kill order must be filled instantly in its entirety or not executed at all. FOK orders are used when partial delivery of assets is not acceptable for any reason.
Taking the same example as above, consider an FOK order to sell 1 BTC at a current market price, assuming that there is only a single buy order meeting this price and it is placed for 0.3 BTC. In this case, the FOK will be cancelled entirely, with no amount of it being filled.
GTC (Good-‘til-Cancelled) — the default setting applied to all limit orders. Open GTC orders are awaiting execution until they are cancelled explicitly or filled.
Additional time-in-force options include:
GTD (good-‘til-date) — can be applied to limit and stop limit orders. Such orders remain listed in the order book until a specified date, by which the order is either executed in the full volume or filled in portions.
DAY — can be applied to limit and stop limit orders. Such orders remain listed in the order book until 23:59 of the current day, by which time the order is either executed in the full volume or filled in portions.
Note
The order expiration time is defined by the time settings specified for the exchange, without taking into account the time settings of the devices from which the exchange is accessed.