Order Typers

BitU offers a variety of order types to support different trading strategies and needs. Understanding these order types can help optimize trading performance and enhance decision-making. Below is a detailed description of the order types supported on the platform:

Market Order

A market order is executed immediately at the current market price, ideal for users who want to complete their trades quickly. This order type ensures the fastest execution, regardless of the specific price at which the trade occurs.

• How it works: Once a market order is placed, the system immediately matches it with the best available price on the order book. Due to market volatility and order book depth, the actual execution price may differ from the price at the time of order placement.

• When to use:

  • When you need to enter or exit a trade quickly.

  • When immediate execution is more important than the precise price.

  • Best used in highly liquid markets with minimal slippage.

Limit Order

A limit order sets a specific price, and the order will only be executed when the market price reaches that level or better. This type of order gives traders more control over the execution price, but it doesn't guarantee that the order will be filled.

• How it works: Once a limit order is placed, it will remain on the order book at the set price until the market reaches or exceeds the limit. The order will be executed when the conditions are met. If the market does not reach the specified price, the order remains unfilled until it's either canceled or modified.

• When to use:

  • When you want to complete a trade at a specific or better price.

  • When you're willing to wait for the market to reach your desired price.

  • Best suited for low-volatility environments or when precise entry/exit points are needed.