Spot Trading and Execution · Crypto Trading Guide

Order instructions define what you control and what remains uncertain. Learn the tradeoff between execution speed, price limits and conditional exits.

Match the instruction to the objective

A market order seeks immediate execution against available liquidity. A limit order sets the worst acceptable price but may remain unfilled. A stop condition activates another order when a specified trigger is reached. Exchanges differ in supported types and whether the trigger uses the last price, an index or a mark.

Work through a limit example

Suppose a fictional token’s best ask is $20.10 and you submit a buy limit at $20 for 100 units. The order may wait. If the market reaches your price, other orders ahead of yours can still consume the available liquidity. A brief touch on a chart does not prove your order would fill. An immediately executable limit order can take liquidity and incur a taker fee.

Understand protective order failure

A stop market instruction prioritises exiting once triggered but may fill far from the trigger in a fast market. A stop limit adds a price boundary, which can leave the position open if the market gaps through it. Read whether protective orders automatically resize after partial fills and whether one exit cancels the other. A stop is a risk instruction rather than a guaranteed loss ceiling.

Check the order lifecycle

Record submitted, accepted, partially filled, filled and cancelled states separately. Cancelling an order does not reverse an existing fill. Before resubmitting after a connection problem, inspect the current order and position to avoid duplication. For derivatives, verify whether a closing order is marked to reduce exposure so it cannot accidentally establish the opposite position. Practise the complete workflow before relying on it under pressure.

Try it yourself

A buy order for 100 units fills 35 before cancellation. How many units do you hold from that order?

Show the worked answer

You hold 35 units. Only the unfilled remainder is cancelled, and associated fees still apply to the executed part.

Further reading

Educational material. Examples and rates are hypothetical, not trade recommendations. Product terms, eligibility and risks vary by venue and jurisdiction.

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