IBITTERS,
IBIT Spot Trading supports three order types — Limit Orders, Market Orders, and Trigger Orders — giving traders more flexibility across different trading strategies and market conditions.
Limit Order
A Limit Order allows users to set a specific buy or sell price and order quantity. The order will only execute at the specified price or a better market price.
Please note that if the limit price already matches executable market prices, the order may be filled immediately at the current best available market price instead of waiting for future price movement.
For example, if the current ETH/USDT market price is 2,100 USDT, and a user places a long limit order at 2,120 USDT, the order may execute instantly because the price is already within the market executable range.
Best For
- Opening or closing positions at a target price.
- Traders who prioritize execution price over speed.
- Grid trading, range trading, or pre-positioning strategies.
Notes
- Limit orders are not guaranteed to execute immediately.
- Orders may execute instantly if the price is already marketable.
- Orders may remain unfilled if the market never reaches the specified price.
- Final execution depends on market liquidity, order book depth, and queue priority.
Market Order
A Market Order executes immediately at the best available market price, allowing users to buy or sell as quickly as possible.
Unlike limit orders, market orders do not require users to set a specific execution price. Once submitted, the system will match the order against available liquidity in the order book until the order is fully or partially filled.
For example, if a user wants to instantly open a BTC/USDT futures position, they can place a market buy order. The system will execute the trade against the current lowest ask prices available in the market.
Best For
- Fast position entry or exit.
- Highly volatile market conditions.
- Traders who prioritize execution speed over execution price.
Notes
- Market orders are usually filled quickly, but the final execution price may differ from the displayed market price.
- Slippage may occur during periods of high volatility or low liquidity.
- Please confirm your trading direction, order size, and margin balance before placing the order.
Trigger Order
A Trigger Order is an advanced trading strategy that automatically places an order once the market reaches a predefined trigger price.
Users can preset:
- Trigger Price
- Order Price
- Order Quantity
When the latest market price reaches the trigger price, the system will automatically place the order based on the preset order parameters.
Trigger Orders do not freeze account assets before activation.
Key Terms
Trigger Price
When the latest market price reaches the preset trigger price, the trigger order will activate and submit the order to the market.
Buy / Sell Price
The execution price after the trigger activates. Users can choose either:
- Limit Price
- Market Price
Trigger Failure Conditions
A trigger order may fail if:
- Available balance is insufficient.
- Order size is below the minimum trading quantity.
- The order exceeds price limits, quantity limits, or platform risk controls.
Example
Using BTC/USDT as an example:
A user bought 10 BTC at 69,764 USDT and wants to take profit.
The user believes 70,000 USDT is a key resistance level and expects a possible pullback after price reaches that area.
The user can set:
- Trigger Price: 69,980 USDT
- Sell Price: 70,000 USDT
- Sell Quantity: 10 BTC
Once the market price reaches 69,980 USDT, the trigger condition is activated, and the system will automatically place a sell order at 70,000 USDT.
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