The Scalpex platform allows Limit Orders and Market Orders.
A Limit Order has a fixed price. Limit orders can only be filled at a price better or equal to the limit price. If the limit order can be executed at the time of posting, it is considered a market taker and is charged a market taker fee. If the order can not be executed at the limit price, however, it enters the order book with the status of NEW and if it gets filled – it is considered a market maker. Most often, the execution of this order bears lower commissions and may offer a rebate (check contract specifications for details).
When a limit order is in the order book, you are free to cancel or to modify its price or quantity. Please keep in mind that modification of the limit order price in the order book can lead to its cancellation or to immediate execution at the new price with an additional market taker fee charge.
Order execution occurs if the order book has a matching order. We use a time-priority queue order matching engine. This means that orders are attended to on a first come-first serve basis. Decreasing the order quantity does not influence its position in the queue, but a quantity increase moves the order down to the end of the queue.
When you have an open order (i.e: one that opens or increases a position), the reservation of some collateral from your balance is required. Your available balance may differ from your total balance. Your available balance is the amount of Bitcoins you can actually use to trade or withdraw.
Available Balance = Total Balance – Collateral Balance, where Total Balance includes your Realized P&L (Profit And Loss).
A Market Order, unlike the Limit Order, is executed or cancelled immediately, at current market price and is subject to a market taker fee.
A Stop Order is an order that enters the order book only once the market reaches a certain trigger price (stop price). In the case of a stop order, the trigger price can be specified as either the last price, the mark price or the index price.
Once the trigger price is reached, the stop order will execute as a normal limit or market order.
- Stop Limit Order – Once the trigger price is reached, a limit order will be placed
- Stop Market Order – Once the trigger price is reached, a market order will be placed
Each stop order can have three different statuses during its execution, as follows:
- Untriggered – The trigger price has not yet reached the level to trigger the stop order
- Triggered – The trigger price has been triggered, but the order has not yet been filled
- Filled – The stop order has been triggered and the order has been filled
Please note that the execution of triggered stop orders is not guaranteed at the exact time of triggering. Meaning – once a stop order is triggered, it enters the order book, but in a fast-moving market users can encounter slippage.
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