At BaseFEX, we offer many different order types to help you trade cryptocurrency derivatives. You can check the order types here, and also check the Fees of your orders.
Market orders will be executed immediately with the current market price. You might use this kind of order when you want to execute it right away. You should pay close attention to your orderbook when choosing your order type, as a large market order might cause huge costs.
Limit order is used to specify the maximum or minimum price you are willing to buy or sell at. You can use this order type to minimize your trading cost, but your order might not be able to be executed when its price is too far from the market price.
Limit Order Example
Quantity = 10 Contracts Limit Price = 100 Direction = Buy
A bid of 10 contracts will be placed in the market with a Limit Price of 100.
Trigger orders are executed with pre-defined Trigger Condition and Trigger Price by a customer. Trigger Conditions include Mark Price, Market Price, and Index Price. Once the price reaches the pre-defined Trigger Price, the system will send your order to the market, be it Market Order or Limit Order.
User Inputs: ''Trigger Condition'', ''Trigger Price'', ''Limit vs Market Order''
Trigger Order Example
Trigger Condition = Index Price Trigger Price = 10,000 Limit vs Market Order = Market Quantity = 10 Direction = Buy
A market order of 10 contracts will be bought when Index Price reaches 10,000.