Types of order on Spot Trading
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The Platform offers different order types for you to use in Spot Trading. You can use them to set your trading strategies and trade efficiently.
A market order is executed at the current market price as quickly as possible when you place the order. You can use it to place both buy and sell orders.
You can enter the āAmountā to place a buy or sell market order. For example, if you want to buy a certain quantity of BTC, you can enter the amount directly.
A limit order is an order that you place on the order book with a specific limit price. It will not be executed immediately like a market order. Instead, the limit order will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or sell at a higher price than the current market price.
Market Order
Limit Order
Purchases an asset at the market price
Purchases an asset at a set price or better
Fills immediately
Fills only at the limit orderās price or better
Manual
Can be set in advance
The trigger mode means that we need to set the trigger point. When the price reaches the trigger point, the system will delegate the order according to the set price limit and the entrusted quantity. Note that complex conditions do not guarantee that the order will be closed.
A One Cancels the Other (OCO) order is a combination of a limit order and a stop-limit order. When placing an OCO order, you set up two orders simultaneously, but only one can be executed. As soon as one of the orders is triggered, the other one is canceled.
For instance, suppose the price of BTC is currently at $40,000. You can use an OCO order to either buy 1 BTC when the price reaches $39,000 or sell it when the price rises to $41,000. Once either of the orders is executed, the second one is automatically canceled.
It's important to note that due to market fluctuations, there might be a discrepancy between the final transaction price and the price you initially entered. Please keep this in mind when using this type of order.
For example, let's say you place a buy limit order for 1 BTC at $60,000, but the current BTC price is $50,000. In this case, your limit order will be filled immediately at $50,000 since it's a better price than the one you set ($60,000).
Similarly, if you place a sell limit order for 1 BTC at $40,000, but the current BTC price is $50,000, the order will also be filled immediately at $50,000 since it's a better price than the one you set ($40,000).
Note: This function is not open yet, so you can look forward to it and get familiar with it in advance.
A stop-limit order has a stop price and a limit price. You can set the minimum amount of profit youāre happy to take or the maximum youāre willing to spend or lose on a trade. When the trigger price is reached, a limit order will be placed automatically.
Stop-limit orders are good tools for limiting the losses that may incur in a trade. For example, BTC is trading at $40,000, and you set up a stop-limit order at a stop price of $39,500 and a limit price of $39,000. A limit order at $39,000 will be placed when the price drops from $40,000 to $39,500.
Note: This function is not open yet, so you can look forward to it and get familiar with it in advance.
A trailing stop order enables you to set a predetermined order at a specific percentage distance from the current market price. This type of order can be particularly advantageous when the market experiences sudden fluctuations. It allows you to mitigate potential losses and protect your gains in case the trade moves in an unfavorable direction.
It's important to note that the trailing stop order won't move in the opposite direction. When the market price moves against your position by a specified percentage, the order will close or exit the trade at the current market price.
Notes: Although this feature is not yet available, you can look forward to its implementation and familiarize yourself with its use in advance
If you need any further assistance or have any questions, please contact our support team by clientservices@nexuspb.com at any time.
