HitBTC provides you with 4 types of orders: market, limit, stop, stop limit.
- Market order: buy or sell a given instrument at the market price.
The market price is defined as the best available price for the instrument at the moment when the order is placed. Since the price changes in real-time the total and fee are provided as estimates rather than exact values.
- Limit order: execute a trade at a specified price or better (limit price).
A limit order to buy would be at the limit or lower, and a limit order to sell would be at the limit or higher. Limit orders are used by traders who have decided on the price at which they are willing to trade. As you're creating this type of order, a specified amount of funds is being reserved on your account, you can see it on your account, in the "On orders" column. Limit orders appear on the order book.
- Stop order: execute a trade at a specified price (stop price).
How is this different from the limit order? When the stop price is reached, a stop order becomes a market order. Stop order doesn't require reserved funds and will not appear in the order book before it's activated.
- Stop limit order: create a limit order at a specific price (stop price)
When the stop price is reached, a stop-limit order becomes a limit order. So you're specifying two prices: stop price, thereof reaching triggers a creation of a limit order, and a limit price for that limit order. This type of order doesn't require reserved funds and will not appear in the order book before it's activated.