There are 7 types of trading orders available on WhiteBIT: Market, Limit, Advanced-Limit, Stop-Market, Stop-Limit, Multi-Limit, and OCO. Each of them has its own advantages and ways of application. In this article, you can compare how these orders differ.

To simplify selection, orders are grouped into Basic and Advanced.

Basic: Market, Limit (Good-Till-Cancelled by default).
Advanced: Advanced Limit (provides Post-only, BBO, IOC parameters), Multi-Limit, Stop-Market, Stop-Limit, OCO (OCO — available only for Margin/Futures).

Market Order

Market order is a type of order to buy or sell an asset at the current market price.
A market order guarantees instant execution, but for this reason does not guarantee a specific execution price.

When placing a market order, you only need to specify the quantity of assets you wish to buy or sell, without specifying a price. The order will be executed immediately at the best available price in the order book.

 

There are two ways to specify the amount of an asset when placing a market order for purchase:

• Specify the amount (via the "Amount" button): This option allows you to specify the amount of the asset you want to purchase (the first asset in the pair). For example, in the BTC/USDT pair — purchasing 0.01 BTC.
• Specify the total amount (via the "Total" button): This option allows you to specify the total amount to be spent on purchasing the asset (the second asset in the pair). For example, in the BTC/USDT pair — purchasing BTC for a total of 1000 USDT.

Both options will be displayed as regular market orders in your order history.

 

Features:
Instantaneous and guaranteed execution;
No ability to predict the exact execution price of the order.

 

Please note: Execution price may vary from the expected price, especially in fast-changing market prices and high-volume trades.

Limit Order

Allows you to buy or sell an asset at a specified price. When placing a limit order, you define the price and the quantity of the asset. A limit order is executed only if a matching counter order appears in the order book at the specified price or better. If the market does not reach the specified price, the order remains open.

If a buy limit order is placed at the current market price or higher, or a sell limit order is placed at the market price or lower, it may be executed immediately as a Market order. In this case, a warning window (“Attention!”) will appear.

Features:

• Execution at a fixed, user-defined price;
• The order remains active until it is filled or manually cancelled (Good-Till-Cancelled by default);
• Requires a matching counter order in the order book.

Please note: the funds specified in the order are reserved on your trading balance until the order is executed or cancelled.

Advanced-Limit Order

An Advanced Limit Order is a Limit Order with additional execution options that give you more control over how the order is placed and filled.

In addition to specifying price and quantity, Advanced Limit orders allow you to configure the following options:

• Post-only – ensures that the order is placed only as a maker order. If the order is executed immediately as a taker, it is automatically cancelled. This option helps avoid taker fees.
• BBO (Best-Bid-Offer) – automatically adjusts the order price to match the best available bid or ask in the order book, improving queue positioning.
• IOC (Immediate or Cancel) – executes the order immediately, cancelling any unfilled portion.

Advanced Limit order is available from the Advanced section of the order type selector and is intended for traders who require more precise control over execution behaviour.

Multi-Limit Order

Allows to create a grid of limit orders to buy or sell an asset, set the upper and lower price limits in the grid, the number of orders (from 2 to 15), and choose between arithmetic and geometric progression to form the price of each order in the specified range.  

You can view the details of each order before placing it in the modal window. Once confirmed, each limit order created in Multi-Limit mode will be displayed in the "Multi-Limits" section in the lower section of the trading terminal. If you wish, you can cancel one or more orders of the grid and it will not affect other orders.

For more information about Multi-Limit order, please refer to this article.

 

Features:

Ability to create grids containing up to 15 orders, with a choice between geometric or arithmetic progression to form order prices.

Stop Оrders

Stop-market and stop-limit orders are the same as market and limit orders, but have an additional parameter — "stop price".

Stop price is a price level that is set and used to minimize the risk of loss or profit.

A stop-market order is triggered when the market price reaches your predetermined price (stop price). This type of order is often used to prevent losses when the market price is volatile.

A Stop-limit order is also triggered when the market price reaches your predetermined price (stop price), after which the order is executed as a normal limit order.

 

Features:

Once the stop price is reached, a regular market or limit order is executed.

OCO Order

OCO Order (One cancels the other) allows placing two orders at the same time. It combines a limit order with a stop-limit order, but only one of the two can be executed.

In other words, as soon as one of the orders is partially or fully executed, the remaining order is automatically cancelled. Manual cancellation of one of the orders will also result in the cancellation of the other order.

While trading on our exchange, you will be able to use OCO orders to automate trades and manage risk.

 

Features:

Allows to place one order with a higher price (Take-profit) and another order with a lower price (Stop-loss):

1. If the price rises and reaches the Take-profit level, the sell order will be executed and the buy order will be automatically cancelled;

2. If the price falls and reaches the Stop-loss level, the Sell order will be executed and the Buy order will be automatically cancelled.

 

Please note: OCO order is currently only available on Margin and Futures trading.

Support

In case of any questions related to the functionality of our exchange, you can:

• Leave a request on our website;
• Write to the support email: support@whitebit.com;
• Write to the chat using the button in the lower right corner of the screen (in the upper right corner of the WhiteBIT app, click ).