Types of Orders
The order types available on the exchange, from limit and market orders to stop, profit and iceberg orders.
Limit order
Placed at your price and quantity; queues in the order book until filled or cancelled.
Market order
Fills immediately at the best available counter price.
Stop order
Triggers automatically once the market crosses your activation price.
Iceberg order
Hides part of your order size from the rest of the market.
Limit order
Limit order is used by default unless another order type is specifically selected. In this mode the order immediately goes into the order book queue at a price and quantity that are specified by the user.
Types of limit orders:
Good Till Cancelled — active by default. Once placed, the order is valid until it is completely closed into deals or cancelled by the user, except in the case of a margin call, when the order can be cancelled by the trading system.
Market order
The user specifies only the quantity necessary to buy or sell. The price is set automatically on confirmation and is equal to the counter price in the order book: on a buy, the current offer; on a sell, the current bid. This provides an increased probability that the order will be immediately closed into a deal, but it is not guaranteed.
Stop order
A deferred order that automatically performs a transaction to buy or sell a specified amount of an asset once the market price moves past a specified price point.
A stop or profit order is not placed in the order book on confirmation — only once the market reaches its activation price.
Stop market order
Recommended when a position is already open and you want to protect it from excessive losses if the price moves to an unfavorable level. It specifies an activation price and amount. Once the market reaches the activation price, the exchange places a limit order to buy or sell at the current market price. To trigger a buy, the market price must become higher than or equal to the specified target price; to trigger a sell, it must become lower than or equal to it.
Profit-market order
Recommended when a position is already open and you want to place a closing order only once the activation price is reached. On the sell side, an order is placed at the current price once the market price is equal to or higher than the activation price; on the buy side, an order is placed only once the price is equal to or lower than the specified signal price.
Stop-limit order
Unlike the profit-market order, when the activation price triggers, the order is placed at a specified price.
Profit-limit order
Unlike the profit-market order, when the activation price triggers, the order is placed at a specified price.
Iceberg order
Hides part of a trader's volume in a placed order from other participants, to minimize its influence on the market price. The order carries a visible-lots parameter — the quantity that stays visible to everyone else.
A participant specifies the total volume of the order and the visible part that constantly pops up. When the visible portion is executed, the next visible portion appears and joins the end of the queue at its price level, and so on until the entire order is executed. This eliminates the influence of large orders on the market price.
The trading system sets the minimum portion of an iceberg order that must stay visible, as a percentage of the total volume.