Warning: It is important to note that most of Beaxy's order types should only be used by experienced traders that understand how each order type functions.
The following order types are currently available:
Market - A market order is the most basic order type. With a Market order, you can buy or sell an asset at the market price. Market price is determined as the best available price for the asset at the time the order is placed. This is typically used when the execution of an order is more important than the price of an order. Because of this, entering the price is optional, since it is going to get you the best possible price at the time the order is placed.
As there are many orders being placed on cryptocurrency exchanges, the price paid or received may be quite different from the last price quoted before the order was confirmed.
Market orders are executed immediately so you will likely only see these transactions appear in the Closed Orders tab.
Limit - A limit order is an order to buy or sell a set amount of cryptocurrency or tokens at a specific or better price. A buy limit order can only be executed at the limit price or lower. Likewise, a sell limit order can only be executed at the limit price or higher.
Post Only orders can be used in conjunction with Limit orders to guarantee that you will be the Maker when posting to the order book. This is generally used to help add liquidity to the exchange or ensure you will avoid paying a Taker fee. These can only be used with Limit Orders. After selecting 'Limit' as the order type, you will see a checkbox appear towards the bottom of the buy/sell order form. Click this checkbox to make your order post only.
Limit IOC - IOC stands for Immediate Or Cancel. This will ensure you buy or sell at a set price or better, but IOC orders are immediately executed or cancelled by the exchange. Because of this, Limit IOC orders will only appear in the Closed Orders tab.
Unlike FOK orders, IOC orders allow for partial fills.
Limit FOK -FOK stands for Fill Or Kill. This is a limit order with the added condition that the entire order should be filled completely or "killed", cancelling it immediately. Because of this, Limit FOK orders will only appear in the Closed Orders tab.
These orders do not allow for partial fills.
Stop Loss - A stop loss order is an order placed to buy or sell a currency when it reaches a certain price, known as the stop price. When the stop price is reached, the stop loss becomes a market order and buys or sells at the current market price.
A buy–stop order is entered at a stop price above the current market price. Traders generally use a buy stop order to limit a loss or to protect a profit on an asset that they have sold short.
A sell–stop order is entered at a stop price below the current market price. Traders generally use a sell–stop order to limit a loss or to protect a profit on an asset that they own.
Stop Loss Limit - This combines the features of a stop order and a limit order, but when a stop loss limit order reaches the target price, the order becomes a limit order instead of a market order. A stop–limit order doesn't get filled if the asset's price never reaches the specified limit price or better.
Tip: For Sell Stop Loss Limit orders your Limit price must be less than your Stop price. For Buy Stop Loss Limit orders your Limit price must be greater than your Stop price.
Take Profit - A take profit order is a type of limit order that closes your trade once it reaches a certain level of profit. A market order is placed when your take profit order will yield the specified profit amount.
Take Profit Limit - This works similarly to the Take Profit order, except that a limit order is placed instead of a market order.