EQONEX platform currently has three (3) order types:


I. Market Order

  • Definition: A market order means you simply buy or sell a selected coin/CCY at the prevailing market price until your entire order is filled.

  • Timing: Orders are executed immediately.

  • Price: Orders are executed at the best available price in the order book for that order size.

  • Characteristic: Traders can be sure that the order will be filled.

  • Risk: The order may be executed at multiple price levels depending on the order size and the order book liquidity.

  • Order making: Set the cryptocurrency amount.

II. Limit Order

  • Definition: Placing a limit order buys or sells the coin/CCY at a respective, preferred price. There is no guarantee that some or all of your entire order can be executed, as it depends on how relatively high or low you set the limit to.

  • Timing: Orders can be placed to capture future price movements.

  • Price: Orders can be executed at a set buy/sell price determined by the trader or better.

  • Characteristic: Traders can define a maximum buy price or minimum sell price for their order.
    - They can define the exact price they wish to enter or exit the market at by placing an order with a limit below the current market price, in the case of a buy order and above the current market price, in the case of a sell order; or
    - You can ensure your buy order doesn’t get filled above a maximum price by placing a buy order with a limit at or above the current market price, or that your sell order doesn’t get filled below a minimum price by placing a sell order with a limit at or below the current market price.

  • Risk: For a buy order, the limit determines the maximum buy price:
    - If a buy order is placed with a limit above the current market price, the order will be filled immediately. If there isn’t sufficient size available on the order book to fill the entire order up to the limit price, the order will be partially filled.
    - If a buy order is placed with a limit below the current market price, the order will not be filled immediately but will remain on the order book until it gets filled or canceled by the trader. Once the limit price is reached, the order will be filled immediately.
    For a sell order, the limit determines the minimum sell price:
    - If a sell order is placed with a limit below the current market price, the order will be filled immediately. If there isn’t sufficient size available on the order book to fill the entire order up to the limit price, the order will be partially filled.
    - If the market trades below the limit price, the order will not be filled immediately but will remain in the order book until it gets filled or canceled by the trader.

  • Order making: Set both the cryptocurrency amount and the buy/sell price you would like.

III. Stop Order

  • Definition: This type of order is triggered when the prevailing market price moves above or below your indicated (Stop) price.

  • Timing: Orders can be placed to capture future price movements.

  • Price: There are 2 types of stop orders on EQONEX:
    - Stop-market order: As soon as the price of the asset reaches the stop price determined by the trader, the order will be executed at the best available price in the order book for that order size. The order is effectively a market order that is conditional on the stop price being reached first.
    - Stop-limit order: As soon as the price of the asset reaches the stop price determined by the trader, the orders will be executed at the limit or better. The order is effectively a limit order that is conditional on the stop price being reached first.

  • Characteristic: Traders can protect unrealized gains or seek to minimize a loss using a stop order.

  • Risk: For stop-market order, since the order is effectively a market order that is conditional on the stop price being reached first, the risk is similar to that of a market order.
    For stop-limit order, since the order is effectively a limit order that is conditional on the stop price being reached first, the risk is similar to that of a limit order.

  • Order making: For stop-market order: Set cryptocurrency amount, stop price, and tick the stop market checkbox.
    For stop-limit order: Set cryptocurrency amount, stop price, and limit price.

For further assistance or more information, please contact our Customer Support team via help@eqonex.com or click on the chat widget at the bottom right-hand side of the EQONEX page.

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