What are some alternative order types to '60 day GTC' that can be used in the cryptocurrency market?

3 answers

• Nov 25, 2021 · 3 years ago
  One alternative order type to '60 day GTC' is the 'Immediate or Cancel' (IOC) order. With an IOC order, if the order cannot be filled immediately, it will be canceled. This order type is useful for traders who want to execute their trades as quickly as possible, even if it means not filling the entire order. It's important to note that partial fills are allowed with IOC orders. Another alternative order type is the 'Fill or Kill' (FOK) order. This order type requires the entire order to be filled immediately or it will be canceled. FOK orders are commonly used when traders want to ensure that their entire order is executed at once, without any partial fills. A third alternative order type is the 'Market' order. With a market order, the trade is executed at the current market price. This order type is useful for traders who want to buy or sell a cryptocurrency quickly, without specifying a specific price. However, it's important to note that market orders may be subject to slippage, which means the executed price may differ from the expected price due to market fluctuations.
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• Nov 25, 2021 · 3 years ago
  If you're looking for more control over the execution price, you can use a 'Limit' order. With a limit order, you specify the maximum price you're willing to buy or the minimum price you're willing to sell. The order will only be executed if the market price reaches your specified limit price. This order type allows traders to set a specific price at which they want to buy or sell, but there's no guarantee that the order will be filled if the market price doesn't reach the limit price. Another alternative order type is the 'Stop' order. A stop order becomes a market order when the market price reaches a specified trigger price. This order type is commonly used as a risk management tool, allowing traders to limit their losses or protect their profits. For example, you can use a stop order to automatically sell a cryptocurrency if its price drops below a certain level. Lastly, there's the 'Trailing Stop' order. This order type is similar to a stop order, but the trigger price is dynamically adjusted based on the market price. If the market price moves in your favor, the trigger price will be adjusted accordingly. Trailing stop orders are useful for locking in profits while allowing for potential upside.
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• Nov 25, 2021 · 3 years ago
  BYDFi offers a unique order type called 'Smart Order Routing' (SOR). With SOR, the system automatically routes your order to different exchanges to find the best available price. This order type is designed to optimize execution and minimize slippage. It's a great option for traders who want to take advantage of price discrepancies across different exchanges. However, it's important to note that SOR may incur additional fees due to the use of multiple exchanges.
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