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 be executed at at least the price stated in advance or at a better price for you.
- Your order will remain in the order book until the order is (a) executed or (b) cancelled by you.
The exact workings of the Good Till Cancelled limit order are illustrated below through 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 is willing to sell Bitcoin for €999, your order cannot (yet) be executed.
- Only when there is a seller who is willing to sell his Bitcoin for €999 per Bitcoin (part of) your order will be filled.
- As soon as there is another seller who is willing 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 at 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 cancelling 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 buy / sell.
After completing the steps mentioned above, you have submitted a Good Till Cancelled limit order.
Besides putting in a standard Good Til Canceled limit order, you also have the option to put the order in 'post-only'. By choosing this, your Good Til Canceled limit order will only be put in when the order cannot be executed directly. 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 certain that you will not owe the taker fee. Your order will only be added to the order book 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 mentioned step-by-step plan, and subsequently select 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 to show both the open and filled orders.
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 cancel or change it. This can be done as follows:
- All your outstanding orders are listed under the depth chart.
- Click on the cross to the right of your open order.
If you want to change an inserted limit order, you must first adjust your old order and submit a new one.