What are the order types available on Trakx?

There are multiple order types available on Trakx. In this help article, we will walk you through them.

There are two order types you'll see in the order form on Trakx:

Limit

Market

What is a Limit order?

A limit order is an order executed when it is matched with an order of the same price on the opposite side.

For example: If the price of L1CEX (Centralised Exchange Index) is 1,000 and you place a Limit order to buy at 990 USDC, your order won't be executed until the price of L1CEX reaches 990 USDC.

You'll be able to see your order in the order book, where it will stay until your price hits or you cancel the order.

With a Limit order, you're confirming the specific price at which you want to buy or sell an index.

When you make your order, you also need to enter the Quantity, which is how much of the asset you want to buy or sell.

Note that your order may be filled immediately if the price you place a buy order at is a price equal to or higher than the lowest ask, or a sell order at equal to or lower than the highest bid. However, it may be only partially filled if the quantity you are buying or selling is larger than the current bids or asks. In addition, your order may not be filled for some time, or even at all, if you place an order far above or below the current market price.

What is a Market order?

A Market order is an order that will be executed immediately and in full by buying or selling from the bids and asks in the order book. With a Market order, you choose the quantity of the asset you want to buy or sell and then once confirmed, you will buy or sell that quantity from the bids or asks available. This is the simplest type of order as it means you don't need to specify a price.

For example: If you want to buy 1 L1CEX, you can select Market order, enter your quantity as 1 and confirm your order. You'll then buy 1 L1CEX from the market.

Updated on: 31/08/2022