- Limit order
Limit order: The user needs to specify the price and quantity of the order. The limit order specifies the highest price that users are willing to buy or the lowest price that they are willing to sell. After the user sets the limit price, the market will prioritize the transaction at a price that is favorable to the user. Limit orders can be used to open and close positions.The unfilled part is automatically converted into a pending order and waiting for a deal.
Open position limit order will occupy the margin.Close position limit order will occupy the orders available to close in the users’ account.
Assume that the latest price of the current BTC contract is 8800 USD. A user wants to open long at $ 8700 USD. When the price drops to less than or equal to 8700 USD, the order will be automatically completed；On the contrary, the latest BTC contract price is 8800 USD, and the user sets a buy price of 8810 USD to open a long position，Your order will be executed immediately at the current latest price 8800 USD.
Ps：The buying price cannot be higher than the current "Max price", and the selling price cannot be lower than the current "Min price".
- Advanced Order
There are three types of limit order in advanced order.，They are “Post only”、IOC (Immediately or Cancel)” and “FOK (Fill or Kill)”.
Post only order，It will not be immediately traded in the market. If the order is immediately concluded with an existing order, the order will be cancelled to ensure that the user is always Maker.
IOC order，If all orders cannot be executed on the market immediately, the unsettled portion will be cancelled immediately.
FOK order，If all order cannot be completed, all of them will be cancelled immediately.
A user wants to trade a BTC quarterly contract. The following is the market data for a certain moment of the BTC quarterly contract:
1. If the user wants to enjoy the maker rate, he can select “Post only” to place an order. If the buy price is 7327.70 USD, the order will not be immediately traded on the market, the pending order will be successful; If the buy price is 7279.90 USD, it will be immediately traded with the sell 1 price of the commission queue, and the order will be cancelled;
2. If the user selects "IOC (Immediately or Cancel)", the buy price is 7350.00 USD, the amount of buy orders is 7000 conts, and the total number of all current sell orders is 6,609 conts. After all sell orders are completed, there are 7000-6609 = 391 unsettled conts, Then 6,609 conts will be sold, and the remaining 391 conts will be cancelled immediately;
3. If the user selects "FOK (Fill or Kill)" to place an order, the buy price is 7350.00 USD, and the amount of buy orders is 7000 conts. At present, the total amount of all sell orders is only 6609 cont, which is not enough to make all the orders filled. It will cancel all orders; if the user orders 6,000 conts, the order will be completed.
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