When placing your orders, you have a range of options to choose from:
Limit Order
A limit order is an order placed on the order book with a specific limit price. When you place a limit order, the trade will only be executed if the market price reaches your limit price (or better). You can use limit orders to potentially buy at a lower price or to sell at a higher price than the current market price.
Market Order
A market order is an order to buy or sell at the best available current price. It is executed against the limit orders previously placed on the order book. When placing a market order, you will pay fees as a market taker.
Stop-Loss Limit Order
The easiest way to understand a stop-limit order is to break it down into its stop price and limit price. The stop price is the price that triggers the limit order, and the limit price is the limit price of the triggered limit order. This means that once your stop price has been reached, your limit order will be immediately placed on the order book.
Although the stop and limit prices can be the same, this is not a requirement. In fact, you could set the stop price (trigger price) a bit higher than the limit price for sell orders or a bit lower than the limit price for buy orders. This could increase the chances of your limit order filling after reaching the stop price.
Stop-Loss Market Order
Similar to a stop-limit order, a stop market order uses a stop price as a trigger. However, when the stop price is reached, it triggers a market order instead.
Take-Profit Limit Order
A take-profit limit order is similar to a stop-limit order. It involves a trigger price, the price that triggers the order, and a limit price, the price of the limit order that is then added to the order book. The key difference between a stop-limit order and a take-profit limit order is that a take-profit limit order can only be used to reduce open positions.
A take-profit limit order can be a useful tool to manage risk and lock in profit at specified price levels. It can also be used in conjunction with other order types, such as stop-limit orders, allowing you to have more control over your positions.
Please note that these are not OCO orders. For example, if your stop-limit order is hit while you also have an active take-profit limit order, the take-profit limit order remains active until you manually cancel it. You can set a take-profit limit order under the [Stop Limit] option in the Order Form field.
Take-Profit Market Order
Similar to a take-profit limit order, a take-profit market order uses a stop price as a trigger. However, when the stop price is reached, it triggers a market order instead. You can set a take-profit market order under the Stop Market option in the order entry field.
If you have further inquiries, please don't hesitate to contact our Support Team via "Contact Us" function.