The trading Terminal offers more flexibility over Smart Trades, for example, creating order types with specific functionality to suit more advanced traders.
On the Terminal's Order control, you'll see a drop-down box (1) that allows you to create different types of orders.
- Good-Till-Cancelled (2) - This order type, once created, remains on the exchange order book as a Limit Order until you physically cancel it
- Fill or Kill (3) - This order type is used when it is imperative that your whole Limit Order is filled by the exchange immediately when price hits your target. If there is not enough liquidity to fill the order amount completely, then it is abandoned by the exchange and no coins or contracts are bought or sold
- Immediate Or Cancel (4) - This order type is used when you want as much as is possible of your order quantity to be filled at a specific price or better. If there isn't enough liquidity at the price you create this Limit Order, then any amount that is unfilled is cancelled but you will keep the filled part of the order quantity for your trade
- Post-Only (5) - This order type is predominantly used for Futures traders. It ensures your Limit Order is placed into the order book strictly as a "Maker" order; if the order would fill immediately as a "Taker" it would be cancelled. Typically when trading on Futures markets, "Maker" orders receive a fee rebate when the order is filled and is thus desirable to use
Please note: Check with your exchange that you are trading on to confirm the definitions above match with how the exchange handles these order types as different exchanges may implement these functions slightly differently. The terms used to describe the different Order Types are the standard industry definitions in this help article.
"Reduce Only" option for Futures traders
If trading on Futures exchanges, it is very desirable to use the Reduce Only (6) option on an order that is typically used to close your position.
This ensures that your order cannot inadvertently create a new position in the opposite direction (Long to Short or Short to Long) and thereby decreasing the risk of liquidation or loss.