Limit order - Immediate Or Cancel

An Immediate Or Cancel limit order has the following characteristics:

1. Your order will be executed at the price you've entered or at an improved price.
2. Your order must be able to be executed fully or partially immediately.
   Note: The part that cannot be executed immediately is canceled automatically.

The exact workings of the Immediate Or Cancel limit order are illustrated below through an example.

Example A

Suppose you only want to buy 10 Bitcoin immediately at a pre-determined price of €999 per item. You, therefore, submit an Immediate Or Cancel 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 one or more Bitcoin for €999 per item, your order cannot be filled completely or partially immediately and will thus be canceled automatically.

This way, you are certain that your order will only be executed for the price you specified and at the time you requested.

Example B

Suppose, in the aforementioned market conditions, there was a seller who offered 5 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 Bitcoin for €999 per item, your order can be executed partially (5 out of 10).
• The remaining part of your order cannot be filled immediately at the desired price, as a result of which, this part is canceled immediately.

This way, you know for sure that your order will only be executed for the price you specified and at the time you requested.

Example C

Suppose, 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 wants to sell 10 Bitcoin for €999 each, your order can be filled in its entirety.

This way, you know for sure that your order will only be executed for the price you specified and at the time you requested.

How do I submit an Immediate Or Cancel limit order?

You can place an Immediate Or Cancel limit order as follows:

1. Go to the advanced dashboard.
   
   
   
   
2. At the top left, choose the market in which you want to trade.
   
   
   
   
3. Choose a Buy or Sell order.
   
   
   
   
4. Choose 'Limit'.
   
   
   
   
5. Specify the quantity that you want to buy or sell.
   
   
6. Specify the amount on which you want to set the limit per digital currency.
   
   
7. Click 'Advanced'.
   
   
8. Choose 'Immediate Or Cancel'.
   
   
   
   
9. Click on 'Continue'.

After completing these steps, you have submitted an Immediate Or Cancel limit order.

Can I view an Immediate Or Cancel limit order in my outstanding orders?

Since an Immediate Or Cancel limit order must be filled fully or partially immediately or be canceled, it will not be included in any outstanding orders.

How do I cancel an Immediate Or Cancel limit order?

An Immediate Or Cancel limit order must be filled immediately, or the unfilled part will be canceled automatically.

As a result, it is not necessary nor possible to adjust or cancel an Immediate Or Cancel 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.