|Market order||A market order is a buy or sell order which is set to be executed immediately at the current market prices. It guarantees full execution but it does not guarantee a certain price. As long as there is supply from sellers and demand from buyers, market orders are filled. Market orders are used when execution is prioritized over the price.|
Note that market order is filled at the best price available at the relevant time. Especially in fast-moving markets, the price may be quite different from the last price quoted.
|Limit order||A limit order allows you to specify the maximum price you are willing to pay when you are a buyer or the minimum price you are willing to receive when you are selling. It guarantees the price (if executed) but it does not guarantee a full execution. |
It is important to understand that your order may be processed partially, meaning that your order may be matched by a few or more opposite orders. Also, not full amount of your order may be executed since it is all based on supply/demand.
Makers and takers
When you place an order that is immediately filled (like market order) you are a taker and you pay taker fee. Basically, you are taking out orders that are already on the market waiting to be matched (like limit orders).
Meanwhile, when you place an order that doesn’t fill immediately (like a limit order), you are a maker. You make the market for takers. Usually, a maker fee is lower than taker fee.
How to cancel an order?
Login to your account → click 'open orders' → find the order you want to cancel → click 'cancel' next to it.
Alternatively, head to exchange → choose a market of that order → scroll down to "open orders" table → click 'cancel' next to it.
Fee calculation and rounding
All corresponding fees are calculated and deducted automatically while doing a trade or a payment. Let's say you SELL BTC 1 for a limit price of BTC/EUR 6,000 and your trade gets processed with a 0.1% market maker fee. In this case you will receive EUR 5,994 EUR to your balance.
All fiat fees are floored to 2 decimals, while certain crypto currencies have as much as 8 decimals (e.g.: EUR 0.006 will be floored down to EUR 0.00 and BTC 0.1234567899 will become BTC 0.12345678).
BITLOCUS does not open orders which results in self-trade. If such order conflict occurs, you will be alerted with a corresponding alert. More on that here.