Advanced limit order offers 2 more order options than a regular limit order, including “Fill or Kill” and “Immediate or Cancel”. The regular limit order has been defaulted as “Good till Canceled”.
- Fill or Kill: it makes sure the buy/sell order is executed or canceled entirely without partial fulfillment.
- Immediate or Cancel: requires all or part of the order to be executed immediately, and any unfilled parts of the order are canceled.
For example, if a user wishes to buy BTC and the order book is shown as the below screenshot:
- If the user selected the “Fill or Kill” option, set the buy price as 00 and the order amount is 300 BTC, as the total amount on the order book is only 266 BTC (1+1+8+100+156), the order amount is not fulfilled (300-266=34 BTC) and will be canceled entirely. But if the user only ordered 200 BTC, the order will be executed accordingly;
- If the user selected the “Immediate or Cancel” option, set the buy price as 00 and the order amount is 300 BTC, as the total amount on the order book is only 266 BTC (1+1+8+100+156), 34 BTC (300-266) could not be fulfilled, the order will only execute with 266 BTC and cancel the unfulfilled 34 BTC.