Order Types

Choosing an Order Type When Opening a Trade

When opening a trade, you can select your preferred order type by clicking on the Buy/Sell option for the instrument you wish to trade. Traders have the flexibility to choose from four different order types, each serving specific trading strategies and goals.

1. Market Orders

Market orders are designed for immediate execution at the current market price. This means:

• The trader agrees to buy or sell at the best available price in the market.
• Speed of execution is prioritized over the exact trade price.
• Commonly used by traders looking to quickly enter or exit a position.

2. Limit Orders

Limit orders allow traders to set a specific price for buying or selling an asset. Key points include:

• The trade will only execute when the market reaches the pre-set price.
• Example: If you want to buy a currency pair at a lower price, you can place a limit order. The trade will be executed only when the price drops to your target level.

3. Stop Orders

Stop orders execute when the market price reaches a specified trigger level. Details include:

• Useful for protecting profits or limiting losses.
• Example: A trader can place a stop order to sell a currency pair at a specific price, ensuring the trade executes automatically if the price moves unfavourably.

4. OCO (One Cancels the Other) Orders

OCO orders allow you to place two orders simultaneously, with the execution of one automatically canceling the other. Features include:

• Ideal for managing risk and locking in potential profits.
• Example: You can place a Sell Limit Order at a higher price and a Sell Stop Order at a lower price. If one of the orders is executed, the other will be cancelled.