This article explains the different types of orders available for bitcastle Futures Trading, along with their features and execution mechanisms.
In futures trading, traders can choose from various order types depending on their trading strategy and risk management needs.
📝 Limit Order
A Limit Order allows you to buy or sell at a specified price.
The order is placed on the order book and will only be executed when the market price reaches (or is better than) your specified price.
💡 Best used when you want to:
・Buy at a lower price than the current market price
・Sell at a higher price than the current market price
⚡ Market Order
A Market Order executes immediately at the best available price in the market.
It is matched instantly with existing limit orders in the order book, ensuring fast execution.
⚠️ When using a market order, you act as a market taker, and taker fees will apply.
⛔ Stop-Limit Order
A Stop-Limit Order requires setting two prices:
・Stop Price (Trigger Price): The price that activates the order
・Limit Price: The price of the limit order that will be placed
Once the stop price is reached, a limit order at the specified limit price is automatically placed on the order book.
💡 Configuration Tips
The stop price and limit price do not have to be the same.
・Sell order: Set the stop price slightly above the limit price
・Buy order: Set the stop price slightly below the limit price
This increases the likelihood of successful execution.
🛑 Stop Market / Stop Loss Market Order
A Stop Market (Stop Loss Market) Order triggers a market order once the stop price is reached.
When activated, the position is closed immediately at the best available market price.
This order type is mainly used to limit losses (stop loss).
🎯 Take Profit Limit Order
A Take Profit Limit Order is used to lock in profits and works similarly to a stop-limit order.
・Trigger Price: The price that activates the order
・Limit Price: The price at which the limit order is placed
Key Features
・Can only be used to reduce or close an existing position
・Allows you to secure profits at a specified price
・Useful for both profit-taking and risk management
⚠️ Important Notice: Not OCO Orders
Please note the following important limitation in bitcastle Futures Trading:
❌ Stop orders and Take Profit orders are NOT OCO (One-Cancels-the-Other).
For example:
・Even if a Stop-Limit Order is triggered,
・The Take Profit Limit Order will NOT be canceled automatically.
👉 Any unnecessary orders must be manually canceled by the user.
The Take Profit Limit Order can be configured using the “Stop-Limit” option in the order form.
🏁 Take Profit Market Order
A Take Profit Market Order is also used for profit-taking, similar to the Take Profit Limit Order.
However, once the trigger price is reached, a market order is executed immediately.
This order type can be set using the “Stop-Market” option in the order form.
If you have further inquiries, please don't hesitate to contact our Support Team via "Contact Us" function.