Order Types

Market, Limit, Conditional & TP/SL Orders

1. Limit Order

Limit order is used to specify the highest bid price / the lowest ask price a trader is willing to accept. Traders use this order type to minimize trading costs, while the order may not be executed if the order price is deep out of the market.There are three types of time-in-force options for limit orders:

• Good Till Canceled (GTC): A type of order that will remain in effect indefinitely until fully executed or canceled.

• Immediate or Cancel (IOC): A type of order that must be filled immediately at the limit price or better. If the order cannot be filled immediately or fully, the unfilled portion will be canceled.

• Fill or Kill (FOK): A type of order that must be immediately filled entirely at the limit price or better. Otherwise, it will be totally canceled. No partial fills are allowed.

Additionally, further customize your order by adding execution conditions with Post-Only or Reduce-Only.

• Post-Only: Enabling this option ensures that your order is posted on the order book without being matched immediately. It also guarantees that the order is only executed as a maker order.

• Reduce-Only: This option ensures helps to dynamically reduce or adjust your limit order's contract quantity and ensuring that your position will not be unintentionally increased.

2. Market order

Market order is intended for traders who wish to have their orders executed immediately. The order will be filled immediately at the best price available from the order book. A large market order may have market impact and increase trade costs.

3. Conditional orders

Conditional Orders are Market or Limit Orders that have specific conditions tagged to them — Conditional Market and Conditional Limit orders. This allows traders to set an added trigger price condition on either your Market or Limit Orders.

• Conditional Market

Unlike Market Orders, you can set a trigger price with Conditional Market Orders. Once your set trigger price is reached, this Conditional Market Order will be filled immediately.

• Conditional Limit

For a Conditional Limit Order, you will have to set two prices: a trigger price and also a limit price. When your trigger price meets the last traded price, this order will be submitted to the order book to await execution. The order is executed finally when the limit "order price", which is the maximum or minimum price at which you are willing to buy or sell contract(s), is reached.

You can also add time-in-force, post-only and reduce-only options to your Conditional Limit Order for greater trade customization.

Four order types are available on perpetual contract trades.