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SmartTrade: Limit, Market, and Conditional orders explained

Learn the difference between Limit, Market, and Conditional orders in SmartTrade and decide which one best suits your trading strategy.

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Overview of Order Types

SmartTrade supports three main types of orders:

Each type determines when and how your order is placed and executed.

Limit Orders

A Limit Order is placed directly into the exchange order book at your specified price. If matched, it will execute fully at that price.

This type of order is best if you:

  • Trade on pairs with low liquidity

  • Want to avoid wide spreads

  • Place large-sized orders

Note: In SmartTrade, prices are limited to 8 decimal places.

Immediate Execution Conditions

Limit orders may execute instantly if your price is already better than market:

  • Buy Limit above current price: Executed immediately at the lower market price.

    • Example: Buy BTC at 50,000 while market is 45,000. Result: filled at 45,000.

  • Sell Limit below current price: Executed immediately at the higher market price.

    • Example: Sell BTC at 50,000 while market is 60,000. Result: filled at 60,000.

This is because exchange engines always match at the most favorable price for the trader.


Market Orders

A Market Order executes immediately at the best available price.

Price Types in SmartTrade

When creating a Market Order, you can choose the reference price type:

  • Bid – best buy price (usually shown in green at the bottom of the order book).

  • Ask – best sell price (usually shown in red at the top of the order book).

  • Last – the most recent traded price.

Behavior

  • Opening a trade: Executes instantly at market price (no option to change the price).

  • Take Profit: Executes at market price once your specified price level is reached.

Considerations

  • Market orders guarantee execution but not price.

  • Be mindful of slippage in low-liquidity pairs.


Conditional Orders

A Conditional Order is only created when a trigger price is reached. Until then, funds remain free.

This allows:

  • Semi-automated setups (e.g., buy in dips, exit with Take Profit / Stop Loss).

  • Placing multiple planned trades without locking capital.

  • Strategies like QFL with SmartTrades.

There are two sub-types:

1. Conditional Limit Order:

Places a Limit Order only when the trigger price is reached.

  • Trigger Price – activates the order.

  • Order Price – price where the Limit Order is placed.

WARNING!

Avoid setting the same Trigger and Order price (or too close). The order may fail to fill if price moves too quickly.

  • Example (Buy): Trigger = 240, Order = 240. Price touches 240 but bounces up. Result: Buy order remains unfilled.

  • Example (Sell/Stop Loss): Trigger = 240, Order = 240. Price drops past 240 too fast. Result: Sell order remains unfilled.

Tip:

  • For Buy: set Order price slightly higher than Trigger.

  • For Sell: set Order price slightly lower than Trigger.

This improves the chance of execution.

2. Conditional Market Order

Works like Conditional Limit but executes at market price once the trigger is hit.

  • Acts the same as a Market Order when used to open a SmartTrade.

  • Ideal for Trailing Buy or Trailing Stop Loss strategies.

You can also choose price type: Ask, Bid, or Last.

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