Limit order - Good Til Canceled
A Good Til Canceled limit order is the most commonly used limit order and has the following characteristics:
- Your order will at least be executed at the price stated in advance or at a better price for you.
- Your order will remain in the order book until the order (a) is executed or (b) is canceled by you.
How the Good Til Canceled limit order works out exactly will be illustrated below with the help of an example
Suppose you only want to buy 10 Bitcoin at a predetermined price. You therefore submit a Good Til Canceled 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 wants to sell Bitcoin for €999, your order cannot (yet) be executed.
- Only as soon as there is a seller who wants to sell his Bitcoin for €999 per Bitcoin will (part of) your order be filled.
- As soon as there is a next seller who wants to sell Bitcoin for €999 each, your order will be filled further. This continues until you have purchased the desired number of 10 Bitcoin for the desired amount of €999 per item.
This way you know for sure that your order will only be executed for the price you specified, but it is uncertain whether and when your order will be executed. As long as your order has not yet been executed, you will have the option of canceling it.
How do I submit a Good Til Canceled limit order?
You submit a Good Til Canceled limit order as follows:
- Go to the advanced dashboard.
- At the top left, choose the market in which you want to trade.
- Choose a purchase or sale order.
- Choose a limit order.
- 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 on buy / sell.
After completing the above steps, you have submitted a Good Til Canceled limit order.
Besides putting in a standard Good Til Canceled limit order, you also have the possibility to put the order 'post-only'. By choosing this, your Good Til Canceled limit order will only be put in when the order cannot be directly executed. This way, your order will always be classified as a maker.
The advantage of putting in a post-only Good Til Canceled limit order is that you are sure that you will not owe the taker fee. Your order will only get in the orderbook if it can be classified as a maker (so you can make use of the lower maker fee) or it will not be put in.
You can make use of 'post-only' by choosing "Advanced" after step 6, of the above step-by-step plan, and then choose for the 'post-only' option.
Where do I see which outstanding orders I have?
As long as your order is not yet filled, it will remain open until the order can be filled for the desired price.
Your outstanding orders can be found under the depth chart. If you are on a small (er) screen, click on the arrow below the depth chart so that the open and filled orders are visible.
Please note: an order is only visible in the trade screen of the corresponding digital currency. Suppose you have an open Bitcoin order, you will not find this Bitcoin order in the trade screen of another digital currency.
How do I cancel a Good Til Canceled limit order?
As long as your Good Til Canceled limit order has not yet been filled, you can still cancel or change it. This can be done as follows:
- All your outstanding orders are listed under the depht chart.
- Click on the cross to the right of your open order.
If you want to change an inserted limit order, you must first change your old order and submit a new one.