When you place an order on Bitflex, you have the option to choose from different order types.
Post Only Order
When you are placing a limit order, you will get an option to check Post Only order.
If you select this option, there are two possibilities.
Possibility A: Your order might be executed immediately
If there a chance that your order might be executed immediately upon placement, it will be automatically canceled.
For example, you place an order to long BTC at $20,000. The current best price shown in the order book is $20,001, but once the limit order is placed, the price moves down to $19,995.
If you have selected post only for your limit order, the system will automatically cancel it to ensure that you are always the maker.
Possibility B: Your order isn’t executed immediately
If your order isn’t executed immediately, it will be posted and moved into the order book.
For example, you place an order to long BTC at $20,000. The current best price shown in the order book is $20,001, which moves up to $20,100 after the limit order is placed.
Your order will exist in the market as a maker order and will add to market liquidity. So, you will only be charged for the maker fee and a lower trading fee when it is eventually executed.
Time in Force Selection Orders
When you are placing a limit order, you will get an option to choose from different “Time in Force” selection orders. This allows you to have more control over your trades. Here are different “Time in Force” orders you can choose from.
1. Good till Cancelled (GTC)
A good till cancelled order is a type of cancel that you may place to buy or sell a contract that remains active until the entire order is filled or the order is manually cancelled by you. GTC orders are suitable if you are ready to wait for the order to be filled at a specific price regardless of how much time it takes.
2. Immediate or Cancel (IOC)
An immediate or cancel order (IOC) is an order to buy or sell a contract that must be executed immediately. Any portion of an IOC order that isn’t immediately filled is cancelled. IOC orders are suitable if you are executing a large order. It makes sure that you get the best price for most of your order.
3. Fill or Kill (FOK)
A fill or kill order (FOK) is an order to either fill the entire order immediately or to cancel the order. In this case, no partial execution is allowed like in IOC. FOK orders are suitable if you want to make money from short-term market volatility and get in and out of the market quickly.