Immediate or Cancel, IOC, means if the limit order under the user cannot be filled immediately at specified price, the unfilled part shall be cancelled. In addition to API, only "Taker" uses IOC ordering method currently.
Taking the following two settings in Taker as examples:
(1) Asset ratio order
The number of buy/sell set by the user exceeds the total number of sell orders/buy orders, the system will take all the corresponding sell orders/buy orders (immediately), and the remaining part will be refunded; if the total number of sell/buy orders is insufficient, then due to insufficient balance, it is not possible to place an order.
For example, if your account has 20,000 USDT available, you have set the asset ratio order and chosen 50%. Now you have selected price of 10000 USDT in order book and the cumulative quantity is 0.9 BTC for the taker order. Then the system will place an order for you with the price of 10000 USDT and a quantity of 1 BTC (available assets * ratio / price in order book). Since the set buy quantity (1 BTC) exceeds the cumulative number of sell orders (0.9 BTC), the order will immediately trade 0.9 BTC, and since the order actually consumes only 9000 USDT, the system will cancel and return the remaining 1000 USDT to your account.
(2) Order by amount in order book
If available assets of the user account exceeds the cumulative number of buy/sell orders, the corresponding buy/sell orders will be taken; that is, according to the price of the order book selected by the user and the cumulative quantity of the order book; if the available assets are insufficient compared to the buy/sell amount accumulated. If the balance is insufficient, the order cannot be placed.
For example, if your has 20,000 USDT available, you have chosen the price of 10000 USDT in order book and the cumulative quantity is 0.9 BTC for the taker order. Then the system will place an order for you with the price of 10000 USDT and a quantity of 0.9 BTC. Since your available assets exceed the cumulative amount in order book, the order will be filled immediately.
The maker order and the taker order are the latest functions on the Web. Click here for specific operation method.
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