The following order types are available when trading on Ethfinex.
A market order executes immediately against the best price available and is used when the speed of execution is prioritized over finding a lower price. As long as there are willing sellers and buyers, market orders will be filled.
A limit order allows a trader to specify an exact price and quantity to buy or sell.
Example: If the current market price is 250 and you would like to buy at 249, you can place a limit buy order at 249. If the price hits 249, your limit order will be executed at 249 (given that a match can be found).
A stop order is an order to buy or sell once the price reaches a specified “trigger”, known as the stop price. When this trigger is reached, your stop order will turn into a market order.
Example: If the current market price is 250, a trader in a long position might want to sell if the price reaches 245. A stop sell at 245 will be used in this case.
A stop-limit order is a buy/sell order which combines the features of a stop order and a limit order. Once the stop price is reached, a stop-limit order becomes a limit order that executes at a specified price (or better).
Example: If a trader wants to buy once price reaches 250, but not pay more than 252, a stop price of 250 and limit price of 252 can be specified at the same time. If the price reaches 250, the order is triggered and will match best available asks up to 252.
Trailing Stop Order
A trailing stop order can be set at a defined percentage away from the current market price. The stop price trails behind the market price by the amount specified and allows for a stop to adjust to the market if the market moves in a profitable direction. If the stop is triggered, a market order is placed. When trading, a trailing stop sell order can be used to protect profit.
Example: If a trader is in a long position and the current market price is 250, they can set a trailing stop with a price distance of 5. This will create a sell stop order at 245. If the market price continues to rise, to e.g. 275, then the trailing stop rises accordingly, rising to 270 in this example.
One Cancels Other (OCO) Order
The One Cancels Other order allows you to place a pair of orders, where if one order is executed fully or partially, then the other is automatically cancelled.
Example: If the market price is 250 and the trader wants a stop order at 245 and a limit order at 260, then a OCO order may be appropriate. If the market reaches 245, the stop order will trigger a market order and cancel the limit order at 260. If the market reaches 260 before 245, the limit order will execute and cancel the stop order at 245.
If you manually cancel one of the OCO orders, you must also manually cancel the other one. An OCO order is only automatically cancelled if the other order is partially or fully executed by price movement.
Watch this video to learn more about OCO orders.
Fill or Kill (FOK) Order
A Fill or Kill order is a limit order which must be filled immediately, in its entirety - if not, it will be cancelled. The purpose of a Fill or Kill order is to ensure that a position is entered instantly and at a specific price.
Immediate or Cancel (IOC) Order
An Immediate Or Cancel order requires all or part of the order to be executed immediately, and any unfilled parts of the order are canceled. Partial fills are accepted with this type of order duration, unlike a fill-or-kill order, which must be filled immediately in its entirety or be canceled.
The scaled order is an algorithmic tool designed for traders to spend less time manually entering orders. The tool automatically creates multiple limit orders across a user-determined price range. This tool also provides control over the diversity and distribution of orders within the price range.
Watch this video to learn more about scaled orders.
The hidden order option ensures that an order does not appear in the order book, therefore not influencing other market participants. Different fees may apply to hidden orders.
Post-only Limit Order
The post-only limit order option ensures that limit order is added to the order book, thereby not matching with pre-existing orders. If your order were to cause a match with a pre-existing order, your post-only limit order would be cancelled before executing.
A post-only limit order ensures that a trader pays the maker fee, not the taker fee.