Bitcoin Brokers With Advanced Order Types

Stop Orders, Trailing Orders, Fill or Kill Option And More

The most common order types in trading are market and limit orders that let users buy and sell bitcoins at a given price (market price or limit price).

Another very important basic order type is the stopp loss order which helps traders to protect their capital from higher losses when price suddenly falls.

However, some certain Bitcoin trading sites allows you to execute advanced orders in addition to just buying and selling bitcoins. There are several advanced order types, some of the most popular ones are available at couple of Bitcoin brokers.

Stops in general
Besides just setting a market or limit order (meaning an execution at current market price or specific price level), you can add a stop to those orders, so they are executed only if the prespecified stop level has been reached. This means that the market or limit buy or sell order will only be executed when the stop price (as a trigger) is reached. Otherwise the order remains untouched.

Advanced orders are a combination of conditional orders and the basic order types.

Couple of stop orders exist based on what happens when the stop level is reached by the market price.

• Stop limit buy order
  is the combination of stop and limit order. As soon as the price reached the stop level, the order becomes a limit order that is executed at a given price or better.
• Stop loss take profit order
  is a combined order that is executed if the stop level or a certain profit level has been reached.
• Stop loss take profit limit order
  is similar to the aforementioned, the difference is that the limit part makes sure the order is executed at a given price or better.
• Trailing stop buy/sell order
  is similar to a Stop Market order, but here you set a trailing value that moves with the market and continually recalculates the stop trigger that can be used to place the market order.
• Trailing stop limit buy/sell order
  is continually recalculating the stop level based on the limit.

In case you want to make sure once a certain level is reached on the market, you take the profit, the take profit orders helps to stick to the investment plan without the need to monitor the market 24/7.

• Take profit order
  can be used similarly to a Stop-Loss order to set a market price make sure the profit is locked.
• Take profit limit order
  can be used similarly to a Stop-Loss order toset a target price on a position to lock in profit.

Additional advanced order settings

include further conditions to be met upon execution or address the privacy of the order book

• Fill or Kill
  order is a limit order that must be filled immediately in its entirety or it is canceled (killed)
• One cancels other (OCO)
  order option is a conditional order that allows you to place a pair of orders of which if one order is executed fully or partially, then the other is automatically canceled.
• Hidden order
  ensures an order does not appear in the order book; therefor it is not influencing the market.
• Post-only limit order ensures the limit order will be added to the order book and not match with a pre-existing order.

Certain advanced order types are suitable for high volume traders:

Scaled order includes multiple smaller order packages for high volume orders to avoid flooding the market and disguise large scale trades.

Iceberg orders allow traders to move into and out of large positions without making a large impact on the market.

Time-Weighted Average Price (TWAP) orders allow high­volume traders to execute orders over a specific time period, with the intention of keeping the price close to the prevailing market price.

Helpful explanations can also be found here:
Tradingacademy.com

Advantages of Advanced Orders

Advanced orders help managing risk while allowing certain amount of flexibility in trading assets without the need to monitor the market 24 hours a day. You can set specific prices to get into the market, minimize possible losses while maximizing possible profits, without worrying too much for your open trades.

Caution with Advanced Orders

You need to have an understanding of the advanced trading order, what are the benefits and what are the limitations of these orders before executing a trade. Make sure you check the broker’s terms and conditions before engaging into trading activity so you are understanding how the trades are executed.

Advanced Orders available at Bitcoin Brokers

BitMex – BitMex offers couple of advanced orders beside market, limit and stop orders, but only some rather simple ones. Trailing Stop, Take Profit Limit and Market are available as advanced options.
Here is the complete list with explanations:

• Stop Orders
• Trailing Stop Order
• Take Profit Orders
• Take Profit Limit Order

Advanced Order Functions at Bitmex:

• Hidden Orders
• Iceberg Orders
• Post Only Orders
• Close On Trigger Orders

Explanations on their Website:
BitMex Order Type FAQ
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Bitfinex – Bitfinex offers order types for every scenario, which is a big benefit compared to many other bitcoin trading sites. Besides Stop-Limit order they offer a couple of complex orders as well:

Such as:

• Trailing Order (Trailing Stop)
• Fill or Kill (FOK)
• Scaled order
• One Cancels Other Order (OCO)

For traders with high volumes the following types ensure full privacy:

• Hidden Order Option
• Post-Only Limit Order Option

Explanations on their Website:
Bitfinex Order Type FAQ
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OKCoin – OKCoin has different order types offered for BTC, LTC and ETH trading. The most available advanced orders are for bitcoin trading. Limit, Market orders, Trailing, Trigger and One Cancels Other order options are all available at OKCoin BTC trading. As extra advanced orders, OKCoin has Iceberg and TWAP order.

• Trailing Order
• Trigger Order
• Iceberg Order
• TWAP
• OCO

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Kraken – Kraken uses a variety of order types that makes the trading highly customizable. Stop-Loss and Take Profit order are available in the form of both market and limit orders and can be also combined together. Conditional orders have the option to set when the order is placed or cancelled on the market.

• Take Profit Order
• Stop Loss, Take Profit
• Stop, Limit Orders
• Trailing Stop Orders

Explanations on their Website:
Kraken Order Types
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Gdax - GDAX has different orders that favor different situations, making bitcoin trading as customizable as possible Advanced order types include the following: Immediate, Kill, Good Till cancels and the Post Only option.

Explanations on their Website: GDAX Order Types
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