Limit Order - Post Only (Maker Only)
A special type of limit order setting where, when placing a limit order, you can check the [Post Only] box to ensure the order is added to the order book solely as a "Maker" and will not immediately match with existing orders in the order book ( it will not act as a "Taker"). If the order is executed immediately, the system will automatically cancel or reject the submission. This setting is typically used to reduce trading fees (Maker fees are usually lower than Taker fees) and control the execution price.
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Example: For instance, in the BTC/USDT trading pair, you set a buy limit order at 60,000 USDT with Post Only. If the best ask price in the order book is ≤60,000 USDT, the order will not be submitted or will be automatically canceled. The order will only be placed in the order book to await matching if the market price is above 60,000 USDT.
GTC (Good Till Canceled)
For limit orders, you can set the GTC feature, GTC : the order remains active after submission until it is fully executed or manually canceled by the trader. The order will stay in the order book, waiting for the market price to reach the limit price for matching.
IOC (Immediate or Cancel)
For limit orders, you can set the Immediate or Cancel feature, IOC : the order is executed immediately for the available portion, and any unexecuted portion is automatically canceled, or without remaining in the order book. This is a middle ground between FOK and standard limit orders, allowing partial execution but not retaining the unexecuted portion.
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Example: You submit an IOC limit order to buy 1 BTC at 60,000 USDT. If the order book only has 0.5 BTC available at 60,000 USDT, 0.5 BTC will be executed, and the remaining 0.5 BTC order will be canceled.
FOK (Fill or Kill)
For limit orders, you can set the Fill or Kill feature, FOK : the limit order must be fully executed immediately upon submission, or it will be canceled and not placed in the order book. This prioritizes immediacy and completeness, ensuring the order is executed in full at the specified price. If there is insufficient liquidity in the order book (e.g., insufficient buy or sell order volume), the order is canceled outright.
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Example: You submit a FOK limit order to buy 1 BTC at 60,000 USDT. If the order book has less than 1 BTC available or the price does not match, the order is immediately canceled.