Bitrue currently supports 4 types of orders:
- Limit Order
- Market Order
- Limit Take Profit/Stop Loss Order
- Market Take Profit/Stop Loss Order
1. Limit Order
A limit order allows you to place an order at a specific or better price. A buy-limit order will be executed at the specified price or lower, while a sell-limit order will be executed at the specified price or higher. It's important to note that limit orders do not guarantee execution.
2. Market Order
A market order is executed immediately at the best available price. The execution price of a market order is determined by the limit orders available in the order book. This means there could be slippage, where the executed price may differ from the expected price.
3. Limit Take Profit/Stop Loss Order
A limit take profit/stop loss order is a conditional order that is executed at a specified price within a certain time frame. Once the stop price is reached, the order will be executed at the limit price or better. Essentially, when the stop price is met, the order will either buy or sell at a price that is at or better than the set limit price.
4. Market Take Profit/Stop Loss Order
A market take profit/stop loss order is similar to a limit take profit/stop loss order, using a stop price as the trigger condition for the trade. However, once the stop price is reached, a market order is triggered, which is then executed at the current market price.