Different Types Of Orders in Cryptocurrency Exchanges

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Different Types Of Orders in Cryptocurrency
Exchanges
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The entire world is going crazy over the new
wave of cryptocurrency trading in the hope to
make a big fortune! And why wouldnt they? After
all, Cryptocurrency is the currency of the
future. It is not only influencing the financial
industries, but also the rest of the industries
like Healthcare, IT (Information Technology),
Automotive, Real-Estate, and many more.
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Understanding Exchange Order Book
Simply put, an order book is divided by a list of
open orders buy sell for a particular
trading pair. We can say that it is a place for
anyone to participate by putting a bid in case
someone wants to purchase the asset or buying
from someone who is willing to sell it for the
asking price. Open order remains inside the
order book until and unless someone accepts it
or agrees to pay the asked amount for a
particular asset or gets canceled in a sales
case. Every trading pair like BTC/Ether (ETH) or
BTC/USD has its own order book.
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Common Order Types In Cryptocurrency Exchanges

• Stop-Loss Order
• It is entirely designed to secure the traders
  from facing any significant loss. It is a limit
  order type where one can set the asset price in
  advance but it will not get added later.
• Stop-Limit Order
• It is similar to the stop-loss order, but the
  only difference is that you can predefine both
  stop-price and limit-price. This allows you to
  set limits within the value range. For instance,
  you can set the limit order from 10K USD to 1100
  USD for 1 USD.

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One Cancels Order (OCO) It is a tool that is used
to merge two orders while the trader can run
that's most favorable for the market. After
that, the other order gets automatically
canceled. For instance, if the BTC price is 40K
USD, then you can either place a buy or sell
order. One can sell when the BTC price is high
and one can buy if the BTC price
decreases. Immediate Or Cancel (IOC) It lets
users terminate the unfilled orders. For
instance, if you purchase 40 BTC but you receive
only 20 at the execution price, the remaining
order would be closed. Fill Or Kill order
(FOK) Fill Or Kill enables you to fill the order
instantly or cancel it. For instance, if you buy
40 BTC, and only half is filled during a specific
time, then then the entire order would get
canceled.
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