Introduction of Spot trading order types

Spot trading supports the following 6 order types: limit order, market order, stop-limit order, trigger order, advanced limit order and trailing stop order. The latter two, advanced limit order and trailing stop order, are only available on API.

Limit order:

Limit order means that the user sets the order size and the acceptable highest bid price or lowest ask price. Only when the market price falls within the limit order price range will the order be filled.  

Bid price for limit order cannot be set 110% higher than the latest price;

Ask price for limit order cannot be set 90% lower than the latest price.

Market order:

Market order means that the user forthwith executes buy or sell at the optimal price in the current market for fastest order-filling. Market orders will not be filled at prices 10% higher or lower than the latest market price, beyond which range market orders will be cancelled automatically.

Stop-limit order:

Stop-limit order means that the user pre-sets trigger price, order price and order size. When the market price reaches the trigger price, the system will automatically place an order at the limit price and the order size pre-set by the user to help the user maintain profits or reduce losses.   

The bid price cannot be 110% higher than the trigger price.

The ask price cannot be 90% lower than the trigger price.      

Trigger order:

Trigger order means that the user pre-sets the trigger price, order price and order size. When the market price reaches the trigger price, the system will automatically place an order at the order price and order size pre-set by the user.

1.     Trigger order supports 2 order types, namely "limit order" and "market order". Relevant functions have been made available for Spot trading and Margin trading (Placing margin order with one click is not yet supported for the time being).

2. Before a trigger order is triggered, the funds corresponding to the order will not be frozen; but after it is triggered, the assets corresponding to the order will be frozen.

3. A trigger order may not necessarily be triggered. Affected by factors like price, account balance, delisting of trading pairs, network errors or system upgrades, etc., a trigger order may fail to be triggered.

4. A trigger order may, after being triggered, not necessarily be filled. When the market is highly volatile and the price rises or falls sharply, the limit order or market order triggered by the trigger order may not necessarily be filled due to the impact of the market.

(1) For limit order, the trigger order will be filled at the limit price pre-set by the user. There is no assurance that the order will be filled, as it depends entirely on the market conditions then. If the bid price is lower than the current market price, or the ask price is higher than the current market price, the order will be filled at the market price.

(2) For market order, the trigger order will be filled at the current market price and the order size pre-set by the user. There is no assurance that the order will be filled, as it depends entirely on the market conditions then.

Trigger price: When the market price reaches the trigger price, the order will be triggered, and will be placed.

Order price: namely the bid price and the ask price under the selected order type. When the market price reaches the trigger price, the order will be placed at the set price automatically; if limit order is selected, the price at which an order is placed by the system automatically will be the set bid/ask price; if market order is selected, the price at which an order is placed by the system automatically will be the market price then when it is triggered.

Order size: size of the order after the trigger order is triggered; if limit order is selected, the size will be the buy/sell quantity set by the user; if market order is selected, the size will be the total buy/sell amount set by the user when buying/selling.

Advanced limit order:

For limit order, there are 3 execution policies: "Maker-only (Post only)", "Fill all or cancel all (Fill or Kill)", "Fill immediately and cancel the remaining (Immediate or Cancel)"; When an execution policy is not selected, by default, a limit order will be "always valid”.

Maker-only (Post only) order will not be filled in the market immediately. If such an order is immediately filled by an existing order, such order will be cancelled to ensure that the user will always be a Maker.

An IOC order, if fails to be filled immediately in the market, the unfilled part will be cancelled immediately.

A FOK order, if fails to be fully filled, will be fully cancelled immediately.

Trailing order:

Trailing order refers to the strategy of sending a pre-set order into the market in the event of a large market correction. When the contract market price meets the trigger conditions and the correction ratio set by the user, such strategy will be triggered to place a limit order at the price set by the user (Optimal N price, Formula price). The main scenarios are to buy when the price hits a support level and bounces back or to sell when the price hits a resistance level and falls.

Trigger price: one of the conditions determining the trigger of the strategy. If to buy, the precondition must be: the trigger price < the latest price; if to sell, the precondition must be: the trigger price > the latest price.

Correction ratio: one of the conditions determining the trigger of the strategy. The correction ratio must be larger than 0% and no higher than 5%. The precision is to 1 decimal place of a percentage, e.g. 1.1%.

Order size: the size of a limit order after the strategy is triggered.

Order type (Optimal N prices, Formula price): the quotation type of a limit order after the strategy is triggered.

Order direction: the buy or sell direction of a limit order after the strategy is triggered.

Formula price: the price of a limit order placed in the market by multiplying the lowest price in the market with (1 + correction ratio) or the highest price in the market with (1 - correction ratio) after the trailing order is successfully triggered.

Lowest (highest) price: The lowest (highest) price in the market after the strategy is set for the user until the strategy is triggered.

 

Triggering conditions:

Buy orders must meet the conditions: the triggering price ≥ the minimum price, and the minimum price * (1 + correction ratio) ≤ the latest market price

Sell orders must meet the conditions: the validation price ≤ the highest price, and the highest price * (1- correction ratio)≥ the latest market price