Order types in Exchange

Order types in Exchange

1. Limit Order 

Exchange supports only limit orders and market orders. Placing a limit order lets you decide what price you wish to buy or sell at. Your order will be queued in the order book, until a counterparty wishes to take the order.


2. Market Order

Market Orders are the simplest of the Order that can be placed by the User. In this Order Type, the User specifies only the Total Amount (in Base Coin) he/ she wishes to spend to buy the Pair Coin. He does not have the option to limit the Order either in terms of the Size of the Order or the Price per Unit.

Once the Order is placed, the Buy Order is picked up by the OME and matched to the Sell Orders in the Order Book in the decreasing order of the Selling Price. As there is no limit set on the Order, it is expected to be executed immediately (provided there is sufficient depth in the Market).
The bought pair coin is credited to the destination wallet by deducting fee and tax. If the Base Coin is INR, then the Fee and Tax is deducted before the Order is placed. For the Market Sell Order, the User specifies only the Quantity of the Pair Coin he/ she wishes to Sell.

3. How to cancel an order?

To cancel an open order select My orders tab from the corresponding asset. Your open orders will be listed under “Open Orders”. Click the delete icon and your order will be cancelled.


4. What is a Stop Loss Order ? 

This is an extension of Market Order, where for a Buy Order the User specifies the Trigger Price and Total Amount (in Base Coin). When the LTP in the particular exchange reaches the Trigger Price specified by the User, then a Market Order is placed with the input as Total Amount (in Base Coin). Rest of the flow in the Order journey proceeds as explained in the Market Order. 


For a Sell Order, again a Trigger Price and Quantity of the Pair Coin is specified. Once the trigger price is breached in the Exchange, a Market Order is placed which follows the same rules as the Market Sell Order as explained above.


5. What is a Stop Limit Order ? 

Price Limit Order is an extension of Limit Order where for a Buy Order the User specifies the Trigger Price and other details as Limit Order. When the LTP in the particular exchange reaches the Trigger Price specified by the User, then a Limit Order is placed. Rest of the flow in the Order journey proceeds as explained in the Limit Order.


For a Sell Order, again a Trigger Price is specified. Once the trigger price is breached in the Exchange, a Limit Order is placed which follows the same rules as the Limit Sell Order as explained above.


6. What is a Ladder Order or a Stack Order ? 

In the Ladder Order, User specifies N (<=10) number of Price Limit Orders. For each of the Limit Order, the User specifies the same details as in the regular Limit Order. 

The trigger in this Order Type is the execution of (N-1)th Order. i.e The User submits all the ten Orders to the Exch. Once the first Order is executed, it triggers the Order placement of the second order in the Exch. 

Once the second limit Order is executed, the third order is placed in the Exch and the flow goes on until all the Ten Orders are executed. The N Orders can be any combination of Buy and Sell Limit Orders.


7. What is Split Order ? 

As the name suggests in Split Order, the Size/ Quantity of the Pair Coin in a Price Limit Order is split into N (<=10) smaller quantities and N different Limit Orders are placed in the Exchange in one go. Each of those N Orders will execute based on the price and the size limitations of their respective Order parameters.



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