A limit order is an order to buy or sell an amount at a specific price or better. After the order is placed, the system will post it on the order book, and match it with the orders available - at the price specified or better.
Assuming that the current Bitcoin (BTC) market price is $13,000 USD, if you want to buy at 12,900 USD, you can choose your order type and set the buy price at $12,900 USD. After the order is placed, the order will be filled automatically when the price drops to $12,900 USD or below.
Placing an order
To execute a limit order on OKCoin, go to to the trading section.
On the right hand side of the page, click on the order type bar. Select Limit in the drop down menu.
(The spot trading section with the limit order selected)
There are two variables to choose. First, set the price you want to buy or sell your tokens at. Second, enter the amount of the token you want to buy. You can use the slider to pick a fixed amount. Click on Buy or Sell to execute your order.
How do I track my open limit order?
After you place your order, you should see it appear in the open orders section located below the order entry tool. This will display all information about your order.
What is an advanced limit order
Advanced limit order offers three more order options than a regular limit order, including Post Only, Fill or Kill, and Immediate or Cancel. The regular limit order defaults to Good till Canceled.
(1) Post Only: it never takes liquidity and makes sure the you’ll be a market maker. If a post-only limit order would cause a match with an existing order, the order will be canceled.
(2) Fill or Kill: it makes sure the order is executed or canceled entirely without partial fulfillments.
(3) Immediate or Cancel: it requires all or part of the order to be executed immediately, and any unfilled parts of the order are canceled.
(1) If you want to get a Maker Fee, you can select Post Only under the Advanced Limit Order. If the buy price is $18,726 USD, the order won’t be filled, so the order will be placed and you’ll be a maker. If the buy price is $18,737.25 USD, the order will be executed with the sell one in the order book, and you’ll be a taker, then the order will be canceled immediately.
(2) If you choose Fill or Kill, set the buy price at $18,745.75 USD and the order amount at 300 BTC, as the total available amount on the order book is 266 BTC (1+1+8+100+156), the order amount isn’t fulfilled (300-266=34 BTC) so the order will be canceled entirely. But, if the order amount is 266 or less than 266 BTC, the order will be placed and filled.
(3) If you choose Immediate or Cancel, set the buy price at $18,745.75 USD and the order amount is 300 BTC, as the total available amount on the order book is 266 BTC (1+1+8+100+156), 34 BTC (300-266) won’t be fulfilled, so the order will only be executed with 266 BTC and the unfulfilled 34 BTC will be canceled.