Different Order Types in Spot Trading
CoinEx provides 4 different order types in spot trading to help you execute trading strategies more efficiently and professionally. These include limit orders, market orders, stop orders, and scaled orders.
1. What is a Limit Order?
A limit order is a buy or sell order placed at a specified order price and quantity/amount. It will only be executed when the market price reaches the set order price or a better price. However, execution is not guaranteed.
2. What is a Market Order?
A market order is a buy or sell order placed immediately at the best available market price. The system will execute the order immediately based on the specified quantity/amount at the best available market price.
3. What is a Stop Order?
A stop order is an order where you pre-set the stop price, order price, and quantity/amount. When the market price hits the stop price, the system will automatically place a limit order based on the stop price and quantity.
4. What is a Scaled Order?
A Scaled Order allows traders to split a large order into multiple smaller orders based on predefined price ranges or quantity allocation rules, which are then placed automatically.
Understanding Stop Orders
1. Key Terms:
(1) Stop Price (or “Trigger Price”): The price set by the user to trigger automatic order placement. When the latest transaction price reaches this price, the system will automatically submit the pre-set order.
(2) Order Price: The price at which the system places the order when the trigger occurs.
(3) Quantity: The amount of the asset being bought or sold. The system will execute the order based on this quantity when the trigger occurs.
(4) Amount: The total trading value of the order. The system will execute the order based on this amount when the trigger occurs.
(5) Execution Mechanisms:
- Always Valid (AL): The order remains valid until it is manually canceled or fully executed.
- Immediate or Cancel (IOC): If the order cannot be fully executed immediately, the unexecuted portion will be automatically canceled.
- Fill or Kill (FOK): If the order cannot be fully executed immediately, the entire order will be automatically canceled.
- Hidden Order: The order can be hidden after placement and will not appear in the order book.
2. Notes
(1) Stop orders do not freeze available assets before triggering.
(2) When placing limit orders or stop orders, you can choose different execution mechanisms: Always Valid (AL), Immediate or Cancel (IOC), or Fill or Kill (FOK). For more details, please refer to the Introduction to Spot Execution Types.
(3) Stop orders may not be triggered due to reasons such as market volatility, insufficient funds, or system issues. You can check the details in your [Spot Order History].
Understanding Scaled Orders
1. Key Terms:
(1) Price Range: The specified minimum and maximum price range. The system will automatically generate multiple orders within this range.
(2) Number of Orders: The total number of orders into which a single order will be split. The system will generate the corresponding number of orders accordingly.
(3) Allocation Mode:
- Even Mode: Each order is assigned the same order quantity.
- Ascending Mode: Order quantities are allocated in an arithmetic sequence from smaller to larger amounts.
- Descending Mode: Order quantities are allocated in an arithmetic sequence from larger to smaller amounts.
2. Notes:
(1) Once a scaled order is created, the system will freeze the corresponding available assets based on the order type.
(2) All orders generated from a scaled order will be submitted as limit orders.
(3) Orders will be matched and executed only when the market price reaches the specified order price or a better price.
(4) Due to extreme market volatility, some scaled orders may not be filled or may be cancelled by the system.
(5) All generated orders can be viewed individually in your [Spot Order History].