A limit order allows you to set the maximum/minimum price at which you buy/sell. If this price is "not good enough" to be matched with an existing order immediately, your limit order is added to the order book. We recommend using limit orders to control the worst price at which an order can be matched.
Market order, your order to buy or sell is matched immediately at the best available price. Use this order type with care as this price may be unfavourable to you. For your protection, we will not match your order at a price more than 1% above the best ask or 1% below the best bid. This means that your order may be only partially filled. The unfilled portion will then be cancelled so there is no remaining order in the book.
A stop order allows you to limit your losses from an open position or to add to your position if the price has moved in your direction. You have to provide two prices for a stop order, a stop price and a limit price. The stop price represents the market price that, if reached, will trigger your stop order. The limit price represents the worst price at which your order can be matched.
|EXAMPLE: STOP-LOSS||The current Futures price is $5,000. You have a long Futures position and want to limit your loss if the price declines. You submit a stop sell order with a stop price of $4,500 and a limit price of $4,400. If the Futures price falls to $4,500 (defined as a trade actually occurring at this price or lower), your stop sell order is triggered at a limit price of $4,400. Your Futures position will then be sold at a price of $4,400 or higher, provided there is sufficient demand.|
|EXAMPLE: STOP-BUY||The current Futures price is $5,000. You have a long Futures position and think that if the price increases to $5,100, it will likely go all the way to $5,500. You submit a stop buy order with a stop price at $5,100 and a limit price of $5,150. If the Futures price rises to $5,100, your stop buy order is triggered at a limit price of $5,150. You will then buy additional Futures at a price of $5,150 or lower, provided there is sufficient supply.|
A maker only order is the same as a limit order, except it will be rejected and canceled if the price entered would execute immediately. Ex. a buy limit order above market price, entered as a “maker only” would be rejected and canceled.
An immediate-or-cancel order will execute at the price and quantity available - the remainder of the order will be cancelled and will not enter the book. If there is 0 quantity available at the chosen price level the order will be rejected and canceled immediately.
A reduce only order will only allow orders to be placed that will reduce the number of open contracts in an existing position. If you enter a quantity larger than your existing open position, the quantity of the reduce only order will auto-reduce to the size of your open position. If you have a reduce only order in the book, and your position is reduced by another order, your reduce only order will be auto-reduce to the new size of the open position.
You can edit existing orders and update the quantity, limit price and stop price. If you are reducing the quantity your order will remain in the same place in the queue as before. If you change the price or increase the quantity of your order you will go to the back of the price time priority queue.