This article will explain the array of Conditional Order Types available on the Binance.US trading interface: Post Only, Iceberg, and Time in Force (TIF). Conditional Order Types are not to be confused with more common Order Types you may be familiar with, like Market, Limit, or Stop-Limit orders.
- What is a Post Only order type?
- What is a Iceberg order type?
- What is a Time in Force (TIF) order type?
What is a Conditional Order type?
A conditional order type is an additional criteria applied to an order to modify its behavior. It specifies certain additional requirements that must be met before the order will be executed.
What is a Post Only order type?
When placing a limit order, you can check the [Post Only] box and your order will not be executed immediately in the market. It will exist as a maker order on the order book, but never match with orders that are already on the book. Maker orders add liquidity to the market. You will only be charged a maker fee, not a taker fee, when your placed order is executed.
However, if you want to execute part of the order immediately, for example, you want to buy an asset at a price above the current market price, the system will automatically cancel your order upon the order placement.
What is an Iceberg order type?
When placing a limit or stop-limit order, you can check the [Iceberg] box. Iceberg orders are large orders split up into a series of small limit orders. Typically, they are placed in this way to avoid disrupting the market with a single large order. Iceberg orders consist of visible and hidden orders, only a small portion of it is displayed on the order book. When the visible orders are executed, the hidden orders will then transition to the order book.
For example, if you wish to sell 1,000 BNB with limit order, you can place your order by checking the [Iceberg] button. Fill in the total amount you want to sell and your order will be divided into small orders (e.g. 10 BNB per order). After the initial order is filled, the other orders will be executed progressively.
What is a Time in Force (TIF) order type?
When placing a limit, stop-limit, or OCO (One Cancels the Other) order, time in force indicates how long your order will remain active before it is executed or expired. This allows you to be more specific about the time parameters, and you can customize the time when you place an order.
At Binance.US, you can place GTC (Good-Till-Cancel), IOC (Immediate-Or-Cancel), or FOK (Fill-Or-Kill) orders:
- GTC (Good-Till-Cancel): the order will last until it is completed or you cancel it.
- IOC (Immediate-Or-Cancel): the order will attempt to execute all or part of it immediately at the price and quantity available, then cancel any remaining, unfilled part of the order. If no quantity is available at the chosen price when you place the order, it will be canceled immediately. Please note that Iceberg orders are not supported.
- FOK (Fill-Or-Kill): the order is instructed to execute in full immediately (filled), otherwise it will be canceled (killed). Please note that Iceberg orders are not supported.
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