When placing a buy or sell order, you can choose one of 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 immediately 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 immediately will be cancelled.
Using market orders you can buy or sell assets as quickly as possible.
A limit order is an instruction to buy or sell a certain asset amount at a specified price. Limit orders are placed in the order book and executed only when the market price reaches or exceeds the specified limit price. For this reason, limit orders may never be executed if their limit price differs significantly from the current market price.
You can use limit orders to buy assets at a lower price or sell at a higher price than the current market price.
Market orders can be made to follow specific time-in-force rules, which define the conditions for execution or cancellation of such orders. 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 immediately must be cancelled. Upon placing an IOC order, an attempt is made to immediately 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 immediately.
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 immediately or killed (cancelled). In other words, a fill-or-kill order must be filled immediately 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-till-Cancelled) — the default setting applied to all limit orders. Open GTC orders are awaiting execution until they are cancelled explicitly or filled.