Four type of orders are available on the exchange:
A market order is an order which allows a trader to buy or sell at the current best available price (aka last traded price, aka market price). Usually, this type of order will be executed immediately. However, the price at which a market order is executed is not guaranteed.
It is important to remember that the last traded price is not always the price at which a market order will be executed. In quick-moving markets, the price at which a market order will execute often deviates from the last-traded price or real-time price quote.
A limit order is an order to buy or sell at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
This ensures that a trader will never pay more than what he or she has bid, although a limit order is not guaranteed to execute. A limit order can only be filled if the market price reaches the limit price.
Limit orders can be placed using the following conditions:
Good till canceled - orders are remained active until it is either executed or until the trader cancels it.
This order will stay on the Ladder until it matches or until the end of the current day in UTC timezone.
Good fill Funding - orders are canceled automatically at the next funding (i.e 00:00:00, 08:00:00, 16:00:00 UTC).
Immediate or cancel - orders are executed immediately. If the order cannot be partially filled, it is canceled. If the order cannot be fully filled, the remainder is canceled.
Fill or kill - Orders are executed immediately. If the order cannot be fully filled immediately, it is canceled.
Stop Market Orders
A Stop Market Order is an order to buy or sell an asset when Spot Price reaches a Trigger Price. Once the Spot Price reaches the Trigger Price, the Stop Market Order is placed.
Please kindly note that Market Order that was placed by Stop Market Order will follow all rules accetable for any other Market Order which was placed by using Tools / Ladder. This means that if liquidity on the market is too low, the price at which a market order is executed is not guaranteed. However, such an order can be even not filled if liquidity too low.
Take Profit Market Orders
This type of orders works exact like Stop Market Orders but in different direction. For example, if you setup Trigger Price higher than Spot Price for Long position, it will work as Take Profit. But for short position it will work as Stop Market.