Market order
Market order: the user does not set the price of the order, but only the quantity/amount of the order, and the order will be filled from the best price in the market until the order quantity is completely filled.
Generally, market order will be filled immediately, and may generate price slippage when the order quantity/amount is large.
Limit order
Limit order is an order to buy or sell at a specific price.
A limit order is not guaranteed to execute. If you want your order to be filled as soon as possible, please refer to the order book and set a competitive price, or simply choose a market order.
What is GTC, FOK and IOC?
BIT offers three different options for limit order, which are Good Till Cancel (GTC), Fill Or Kill（FOK），Immediate or Cancel（IOC）.
Good Till Cancel (GTC)
A good till cancel (GTC) order is a type of limit order that is placed by a trader to purchase or sell at a particular price which remains active until it’s cancelled by the trader. The default option of limit order on BIT is GTC.
Fill Or Kill (FOK）
A fill or kill (FOK) orders must be filled immediately and completely at the limit price or better, or not at all, which means FOK orders are not allowed to be partially filled.
Immediate or Cancel（IOC）
An immediate or cancel order (IOC) is to buy or sell at the limit price that executes all or part immediately and cancels any unfilled portion of the order.
Maker only
A Maker-only order will only allow your order to be posted when it can enter the order book. In other words, maker-only orders ensure that you will always be a maker. If your maker-only order will be filled immediately with an existing order, then your order will be automatically repriced.
As shown below, Amy plans to open a short position of BTC perpetual swap worth $100 at the price of $36,400.
If Amy does not select [Post Only], according to the current order book, her order will be immediately filled with the buy one price (36,487.00) in the order list.
If Amy selects [Post Only] mode, Amy's short order will be automatically repriced to a higher step than the highest bid: 36,487.50 (i.e. 36,487.00+0.50), which is shown in the order book (the lowest ask).
Trigger order
"Trigger" refers to a trading strategy where orders will only be executed or activated in the market if specific criteria are met. Users need to set the order price, quantity, and trigger price. According to the user's settings, the system will automatically place the order when the market price reaches the trigger price. "Trigger" will not freeze the account assets as the initial margin. If the user's current available balance is greater than the initial margin required for the commission, the order will be activated.
1)Trigger Limit-Order: If the user makes a trigger Limit-Order, the system will place a limit order once triggered.
2)TriggerMarket-Order: If the user makes a trigger market order, the system will place a market order once triggered. This helps users to make quick transactions.
Examples:
A BTCUSD Perpetual Contract where the linked price is $50,000
The user places a trigger limit order: trigger price: $45,000; order price: $44,000; quantity: 1,000 USD. Direction: buy long
Executions: when the market falls to $45,000, （the system）places a long buy order at $44,000 with a quantity of 1,000 USD.
The user places a trigger limit order: trigger price: $45,000; order price: $44,000; quantity: 1,000 USD. Direction: sell short
Executions: when the market falls to $45,000, （the system）places a short sell order at $44,000 with a quantity of 1,000 USD.
The user places a trigger limit order: trigger price: $55,000; order price: $56,000; quantity: 1,000 USD. Direction: buy long
Executions: when the market rises to $55,000, （the system）places a long buy order at $56,000 with a quantity of 1,000 USD.
The user places a trigger limit order: trigger price: $55,000; order price: $56,000; quantity: 1,000 USD. Direction: sell short
Executions: when the market rises to $55,000, （the system）places a short sell order at $56,000 with a quantity of 1,000 USD.
(Examples above are Trigger limit orders, but market orders work the same way)
1. No reduce-only orders can be placed without an open position of the same contract.
2. A reduce-only order can only be placed for a contract size less than or equal to the size of the existing open position. Reduce-only orders exceeding the size of the existing position will be automatically resized or canceled.
3. If you hold an existing position along with other active orders:
- Without any existing Reduce-only order: The total contract size of a new reduce-only order and all active orders with prices closer to the current market price cannot exceed the size of the current open position. Otherwise, the contract size of the new order will be automatically adjusted or canceled by the system.
- With an existing Reduce-only order: The total contract size of a new reduce-only order and all active orders with prices closer to the current market price cannot exceed the size of the current open position. Otherwise, the reduce-only order with the highest order price furthest from the current market price will be automatically adjusted or canceled by the system.
4. The Take-Profit/Stop-Loss and "Close" function in the Position tab have the Reduce-only feature by default. This ensures that they will not be unintentionally executed as new positions in the opposite direction if the current position has already been closed, stopped out, or liquidated.