Order Types

OpenWorld applies orderbook model for traders to have the same trading experience on CEX. Flexible order types are offered to pro traders for implementing their sophisticated execution strategies.

Limit Order

A limit order is an order to buy or sell a security at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.

Different types of Time in Force (TIF) orders are offered for placing limit orders.

1. Good Till Cancelled (GTC)

The order will remain valid until it is fully executed or manually cancelled by the trader.

1.1 Post Only (PO)

For GTC orders, traders could choose the "Post Only" requirement. It serves to strictly ensure that your Limit Orders will be placed into the order book and therefore pay a lower trading fee than it is ultimately executed. By selecting this option, the system will automatically cancel the limit order, if it detects that it will be executed immediately (as taker) upon the order placement.

2. Immediate-Or-Cancel (IOC)

The order is an order to buy or sell a stock that must be executed immediately. Any portion of an IOC order that cannot be filled immediately will be cancelled.

3. Fill-or-Kill (FOK)

The order must be immediately and fully executed at the order price or better, otherwise, it will be completely cancelled.

Market Order

Market orders are transactions meant to execute as quickly as possible by taking the liquidity from the counterparty order book.

Conditional Order

There are two types of stop orders on OpenWorld Exchange, namely Stop-Limit Order and Stop-Market Order.

Stop-limit order

You could set a "stop price" that triggers the placement of a limit order. Once your stop price has been reached, your limit order will be immediately placed on the order book. Although the stop and limit prices can be the same, this is not a requirement. In fact, it would be safer for you to set the stop price (trigger price) a bit higher than the limit price for sell orders, or a bit lower than the limit price for buy orders. This increases the chances of your limit order getting filled after the stop price is reached.

Stop-market order

You could set a "stop price" that triggers the placement of a market order. Once your stop price has been reached, your market order will be immediately executed.