A Fill Or Kill limit order has the following characteristics:
- Your order will be executed at the price you've entered or at an improved price
- Your order must be able to be executed immediately.
- Your order must be able to be executed in its entirety.
The exact workings of the Fill Or Kill order are illustrated below with the help of an example.
Example A
Imagine that you want to buy only 10 Bitcoin at a predetermined price of €999 per item. You therefore submit a Fill Or Kill limit order for the purchase of 10 Bitcoin for the price of €999 per item under the following market conditions:
- As there is currently no seller who is willing to sell at least 10 Bitcoin for €999 per item, your order cannot be filled in full at once, so it will be cancelled automatically.
This way you know for sure that your order will only be executed at the price specified, quantity and the time specified by you.
Example B
Suppose that, in the aforementioned market conditions, there was a seller who offers 5 Bitcoin at a value of €999 each. The situation would then unfold like this:
- Since there is still no seller who wants to sell at least 10 Bitcoin for €999 per item, you cannot immediately be completely filled, so that it is automatically canceled.
This way you know for sure that your order will only be executed for the price you specified, the quantity you specified and the time you specified.
Example C
Suppose that, in the aforementioned market conditions, there was a seller who offered 10 Bitcoin at a value of €999 each. The situation would then unfold like this:
- Since there is now a seller who is willing to sell at least 10 Bitcoin for €999 each, your order can be filled immediately and in its entirety.
This way you know for sure that your order will only be executed for the price you specified, the quantity you specified and the time you specified.
How do I submit a Fill Or Kill limit order?
You enter a Fill Or Kill limit order as follows:
- Go to the advanced dashboard.
- At the top left, choose the market in which you want to trade.
- Choose a Buy or Sell order.
- Choose 'Limit'.
- Specify the quantity that you want to buy or sell.
- Specify the amount on which you want to set the limit per digital currency.
- Click 'Advanced'.
- Choose 'Fill-Or-Kill'.
- Click 'Continue'.
After completing these steps you have submitted a Fill Or Kill limit order.
Can I see a Fill Or Kill limit order in my open orders?
Since a Fill Or Kill limit order must be filled immediately and in its entirety or be cancelled, it will not be included in any outstanding orders.
How do I cancel a Fill Or Kill limit order?
A Fill Or Kill limit order must be filled immediately, otherwise the order will be cancelled automatically. This means that it is not necessary nor possible to adjust or cancel a Fill Or Kill limit order yourself.
Want to learn more about the different order types and when to use them? Read about it in this Bitvavo Learn article.