Currently, Bityi provides three types of spot trading orders:
1. Limit Order
Users can set a specific price, and the order will be executed at the set price or a better price.
Trigger Price: The price set by the user to open (or close) a position at a limit price. The final price matches the set price, but execution may take longer. If no matching order exists at the specified price, the order enters the order book, increasing market depth.
Advantages: Provides better price control, suitable for partial or full take-profit orders, preferred by strategic traders.
Disadvantages: Execution is not guaranteed; if the market does not reach the limit price, the order may not be filled, and execution speed can be slow.
2. Market Order
Executed at the latest market price, with no need for users to manually set a price, ensuring quick execution.
Trigger Price: The latest market price at the time of order execution. The final execution price may differ from the trigger price but ensures immediate execution.
Advantages: Prioritized execution, ensuring quick order fulfillment, suitable for traders looking to enter the market swiftly to catch trends.
Disadvantages: During high volatility, the execution price may differ significantly from the expected price.
3. Conditional Order
Triggered only when predefined conditions are met. The user must specify a Trigger Price as the activation condition.
Trigger Price: When the market price reaches the user's predefined level, the order is activated.
Execution Price: The user can choose the latest market price or manually set a price. Once the latest price meets the trigger price, the system executes the order accordingly.
Advantages: Compared to market orders, it ensures a more favorable price execution.
Disadvantages: If the market does not reach the trigger price, the order may never be executed.