Which different order types exist?

Bitvavo currently supports the following order types:

  1. Market order (standard).
  2. Limit order.
    • Good Till Cancelled.
    • Immediate Or Cancel.
    • Fill or Kill.

These order types will be explained in more detail below.

What is a market order?

A market order is an instruction from a user to execute an order immediately and for the best available price at that time. Market orders are the simplest order type, with no predetermined price or time frame being specified. For that reason, they are usually executed very quickly, however, the price at which the order is executed may deviate from the indicative prices given in the order book.

Please note: when buying or selling digital currencies where there is a large spread, it is recommended that you do not use this order type.

What is a limit order?

A limit order is an order in which you specify a maximum price at which you want to buy or a minimum price at which you want to sell. Limit orders are the most secure order types because your order will only be executed if this is possible at the specified limit price. Because of this you will always pay the price that you have specified, but it is uncertain whether and when your order will be executed.

Bitvavo offers the following types of limit orders:

  1. Good Till Cancelled
    1. Your order will be executed at at least the price stated in advance or a price that is better for you.
    2. Your order will remain in the order book until the order (a) has been executed or (b) is cancelled by you.

More information about the Good Til Canceled limit order is included here.

  1. Immediate Or Cancel
    1. Your order will be executed at at least the price stated in advance or at a better price for you.
    2. Your order must be able to be executed fully or partially immediately.
      Note: The part that cannot be executed immediately is cancelled automatically.

More information about the Immediate or Cancel limit order is included here.

  1. Fill Or Kill
    1. Your order will be executed at at least the price stated in advance or at a better price for you.
    2. Your order must be able to be executed immediately.
    3. Your order must be able to be executed in its entirety.

More information about the Fill or Kill limit order is included here.


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