Help CenterWhen in the process of opening a trade, you can select which order type you want to fill. This can be done by clicking on the buy/sell option on the instrument you want to trade.
Traders can choose from 4 different order types:
◇ Market orders
Market orders instruct the broker to execute a trade immediately at the current market price. This means that the trader is willing to accept the current price available in the market to buy or sell a security.
Market orders prioritize speed of execution over the price of the trade and are typically used when a trader wants to quickly enter or exit a position in the market.
◇ Limit orders
A limit order is a type of order that allows traders to set a specific price at which they want to buy or sell an asset.
For example, if a trader wants to buy a currency pair, they can set a limit order at a certain price and the trade will only be executed when the price reaches that level.
◇ Stop orders
A stop order is a type of order that is executed when the price of an asset reaches a certain level.
For example, if a trader wants to sell a currency pair, they can set a stop order at a certain price and the trade will be executed when the price reaches that level.
◇ OCO orders
OCO stands for “One Cancels the Other” An OCO order allows traders to set two orders simultaneously, with the execution of one order cancelling the other.
This type of order is useful for traders who want to limit their potential losses or lock in profits without having to constantly monitor the market.
For example, a trader can set a sell limit order and a sell stop order at different prices, and whichever order is executed first will cancel the other.