What Are Market Orders, Limit Orders, and Advanced Limit Orders?

In crypto trading, market orders and limit orders are the most commonly used order types. The platform also provides advanced limit orders to support a broader range of trading strategies.

1. Market Order

A market order is executed immediately at the best available market price in the order book. The system automatically matches the order with existing orders.

• Executed immediately at the best available market price
• No control over execution price
• Suitable for fast entry or exit
• Typically executed as a Taker order, which may incur higher fees

Example:

Assume the current sell orders for BTC are:

If you place a market order to buy 1 BTC:

The system will match the lowest-priced sell orders first

The actual execution may be:

The final execution price is a weighted average across multiple price levels, rather than a single price

2. Limit Order

A limit order is placed at a specified price and is executed only when the market price reaches or is better than that price.

• Control over execution price
• May not be executed immediately and can remain in the order book until matched
• Suitable for traders with a specific target price
• Often executed as a Maker order, typically with lower fees

Example:

👉 Buy example:

If you place a buy limit order at 60,000 USDT

→ The order will be executed immediately at the better price of 50,000 USDT

If you place a buy limit order at 49,000 USDT

→ The order will not be filled immediately and will wait until the price drops to 49,000 USDT

👉 Sell example:

If you place a sell limit order at 40,000 USDT

→ The order will be executed immediately at the better price of 50,000 USDT

If you place a sell limit order at 55,000 USDT

→ The order will not be filled immediately and will wait until the price rises to 55,000 USDT

3. Advanced Limit Orders

Advanced limit orders build on standard limit orders by offering additional execution conditions to support different trading strategies.

The following three options are supported:

(1) Post Only

• Not executed immediately
• Always acts as a Maker
• Automatically canceled if it would be matched immediately

(2) FOK (Fill or Kill)

• Must be fully executed immediately
• Fully canceled if not completely filled

(3) IOC (Immediate or Cancel)

• The portion that can be filled is executed immediately
• The remaining unfilled portion is automatically canceled

Examples

Assume the total available sell volume is 2.584 BTC:

Case 1: Post Only

If the price does not result in immediate execution, the order will be placed on the order book. Otherwise, it will be canceled.

Case 2: FOK

If an order is placed to buy 3 BTC, but only 2.584 BTC is available:

👉 The entire order will be canceled

If the order size is less than or equal to 2.584 BTC:

👉 The order will be fully executed

Case 3: IOC

Buy 3 BTC:

👉 2.584 BTC will be executed

👉 The remaining 0.416 BTC will be canceled automatically

Different order types are suitable for different trading scenarios. Users are advised to choose based on their trading strategies.