Market order is an order to buy or sell a certain asset at the market price. The price is defined as the best price available for the particular pair at the moment the order is placed. Because the market price fluctuates in real time, the total amounts and the fee amounts are provided as estimates rather than exact values.

Stop order is an order to trade an asset at a specified price (stop price) or worse. It is not used to gain a benefit! A trader may set the desired stop price for a particular order. When this price is reached, a stop order turns into a market order. Note that stop orders are not used to gain profits. Instead, they are used to limit the losses in case of the unwanted price trend. For example, stop sell order is activated when the asset price gets below the current price, reaching the stop price level that you’ve specified. 

No reserved funds are required for Stop orders. They do not show up in the Active orders list and the order book until they become active.

Limit orders

Limit order is an order to trade an asset at a specified price or better (limit price). Limit orders to buy are filled at the limit price or lower, and limit orders to sell are filled at the limit price or higher. Limit orders are used by traders who know at what price they are willing to trade.

As soon as you create this type of order, a specified amount of funds is reserved on your account. You will be able to see it in the “On orders” column on your account. Limit orders appear in the order book and create liquidity for the market.

Stop-limit order is an order to create a limit order at a specific price (stop price). When the stop price is reached, a stop-limit order turns into a limit order. So you'll need to specify two prices: a stop price, which, once it is reached, triggers the creation of a limit order, and a limit price for this particular limit order. The stop price for a buy stop-limit order needs to be higher than the current best ask price, otherwise this order will be placed immediately. Similarly, the stop-price for a sell stop-limit order needs to be lower than the current best bid price, otherwise this order will be placed immediately.

No reserved funds are required for Stop-limit orders. They do not show up in the Active orders list and the order book until they become active.

Subtypes of limit orders

  • Good-Til-Cancelled lasts until the order is filled or cancelled.
  • Day order expires automatically if not executed by the end of the day it was placed. A trading day ends at 00:00 UTC time.
  • Good-Till-Date/Time order automatically expires at the set date and time.
  • Fill or kill order must be executed immediately in its entirety, otherwise the entire order is cancelled (i.e., this type of order cannot be executed in part).
  • Immediate or cancel order must be executed immediately. If any part of an IOC order cannot be filled immediately this part will be cancelled.

Scaled orders

This feature allows traders to place multiple orders at once so they can easily implement the most complex trading strategies and free up the time to focus on decision-making.

How and when to use this feature? This is a great tool to use when, for instance, you wish to regularly sell lots of a certain cryptocurrency when its price is climbing. Ordinarily, you would need to manually create an entire set of sell orders, specifying the desired amount and the price for each order. But with the help of scaled orders this can be accomplished much quicker and easier.

How to create a scaled order

Set the amount of coins you wish to sell in the “Amount” section.

“Price step” is the distance between the prices for your orders. Your order prices will be fit in the interval between the “Price min” and the “Price max.” The resulting number of orders will be shown in the “Order count” field.

The next step is to customize your order. Click the “Settings” icon on the top right.

Select the “Flat” option if you’d like all of your orders to be equal in the amount.

Select the “Up” or “Down” options if you would like to make the amount of your orders go up or down as the price increases.

Click the “Show” button to preview your orders and make sure that you have set them up correctly.

Once you're ready, click the “Sell Scaled.” Multiple orders will be created immediately, and each of them will be recorded separately in your “Reports” section. If you need to, you can cancel them one by one.

  • Is short trading supported? Short trading is not yet available on HitBTC.
  • Is margin trading supported? Margin trading is only available on our demo platform. However, we recommend to use our partner platform.