What is the meaning of 'time in force' in the context of cryptocurrency trading?

1 answers

• Nov 24, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, explains that 'time in force' refers to the duration for which an order will remain active in the context of cryptocurrency trading. It is an important parameter that traders can set when placing an order. The choice of 'time in force' can have a significant impact on the execution of orders. Traders can choose from options such as 'Good Till Cancelled' (GTC), 'Immediate or Cancel' (IOC), and 'Fill or Kill' (FOK). GTC orders remain active until manually canceled, while IOC orders are executed immediately and any unfilled portion is canceled. FOK orders require the entire order to be filled immediately; otherwise, it is canceled. It's crucial for traders to understand the implications of different 'time in force' options and select the most appropriate one based on their trading strategy and objectives.
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