Entering Market and Limit Orders

Apr 06, 2017

On the order panel, you can choose to place a market or limit order. A market order will execute immediately at the current market price. A limit order lets you set your own price, as well as set some advanced order execution options. 

Market Orders

Select 'market' above the buy/sell buttons to place a market order. Choose "Buy" or "Sell" and enter the size of your order. You can set the size in any supported currency. Selecting "Buy" for example, and entering 100 as the amount, then setting the units to US dollars will buy one hundred dollars worth of the digital currency you have selected at the market price.

  • Market orders cannot be cancelled because they are filled immediately.
  • Market orders may be partially filled at several prices. Each part of your order will be shown in the fills panel.

Limit Orders

Select 'limit' above the buy/sell buttons to place a limit order. Enter the order size, and your price, then select the button to place your order. When you place an order, it will be shown in several views - including 'Open orders', the 'Order book', and the 'Depth chart'. A basic limit order may be partially filled and is subject to price improvement - you may get an even better price than you asked for.

Advanced Limit Order Options

GDAX offers advanced limit order types.

When selecting a limit order, expand the "advanced section" to reveal the following Time in Force policies:

  • Good 'Til Canceled (GTC) - This order will be placed on the order book and remain valid until you cancel it.
  • Immediate or Cancel (IOC) -This order will be placed and if it is not immediately filled, it will automatically be cancelled and removed from the order book.
  • Fill or Kill (FOC) This order will only complete if the entire amount can be matched. Partial matches are not filled with this order type and will not execute.
  • Post Only - You can also check the 'Post only' option. This will ensure the order executes only as a maker (no fee) order. If part of the order results in taking liquidity rather than providing, it will be rejected and no part of the order will execute.

Time in force policies provide guarantees about the lifetime of an order. These types of orders provide advanced options you may be familiar with when trading traditional assets.

 

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