Further automating your trading strategies in the ever-changing market

While a move of a tick can make quite a difference for traders, monitoring the market is an unpleasant work as most traders would agree. That’s why algo orders were introduced to ease your effort and help you optimize your trading strategies in an automated way.

To further facilitate your trading success, we are very excited to roll out the Advanced Limit Order Options for spot trading, margin trading, futures, and perpetual swap on OKEx website, OKEx App, and API. Developed based on the trading mechanism of the traditional stock market, the new order options enable you to trade digital assets at a desired or even better price, so as to achieve your investment plans and maximize your returns.

Meet the three news order options

Under the umbrella of “Advanced Limit Order”, there are three new limit order options for you to choose from, namely “Post Only”, “Fill Or Kill” and “Immediate Or Cancel”. The regular Limit Order is defaulted to “Good Till Canceled”.

  • Post Only: The order will not take liquidity so as just to make the trader a market maker. If your order will match with an existing counterpart order, your post-only limit order will be canceled.
  • Fill Or Kill: It makes sure your buy/sell order is entirely fulfilled and executed, otherwise it will be canceled. No partial fulfillment of order will take place under this option.
  • Immediate Or Cancel: It requires all or part of the order to be executed immediately, and the unfulfilled part of the order will be immediately canceled.

Let’s look at this example to see how they work

BTC/USDT trading scenario

Post-Only order:
If you wish to enjoy our maker fee, you may opt for “Post Only”. If you set the bid price as 18737.00 USDT, the order will not take liquidity and you will be a market maker. If you set the bid price as 18737.25 USDT, normally the order would be executed at the best ask price. However, as a Post-Order, with which you choose to be a market taker, it will be canceled by the system right away and no transaction will occur.

Fill Or Kill order:
If you select the “Fill or Kill” option, set the bid price as 18800.00 USDT and order amount 300 BTC, as the total amount of BTC in the order book is only 266 BTC (1+1+8+100+156), the order amount cannot be entirely fulfilled (300 – 266 = 34 BTC), so your whole order will be canceled. However, if you only ordered 200 BTC, the order will be executed accordingly.

Immediate or Cancel order:
If you select the “Immediate or Cancel” option, set the bid price as 18800.00 USDT and order amount 300 BTC, as the total amount of BTC in the order book is only 266 BTC (1+1+8+100+156), the order for 34 BTC (300–266) will not be fulfilled. Therefore, part of the order for 266 BTC will be fulfilled and the remaining part for 34 BTC will be canceled immediately.

Have fun trading
We believe that with more algo order options, you will be freed from monitoring price movements at a tick size to research and plan your trading strategies. As always, if you have any suggestions or questions, please don’t hesitate to reach out to us on our social platforms or via email support@okex.com.

Risk Warning: Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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