Which order types are available on the Bitpanda Global Exchange?

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In the Order section on the left hand side of the Exchange view you will find the different order types:

Market order

A market order is the quickest and easiest order type. It is meant to be executed instantly at the current average market price. Market orders are always "takers", which means they are taking away liquidity from the order book as they are matched with existing limit orders.

If you want to get in or out of a trade quickly, then you might want to use this order type.

Limit order

A limit order is not meant to be executed instantly, but is used to put an order in the order book that executes at your specified Limit price (or better price). 

For example, if the price for PAN/EUR is currently at 0.09 EUR and you place a limit buy order for a limit price of 0.07 EUR, then your order is meant to execute at the price of 0.07 EUR as soon as there are matching bids at this price.

However, if the price for PAN/EUR is currently at 0.09 EUR and you place a limit buy order for a limit price of 0.13 EUR, then it will act as a market order at first and will buy up (better price) everything until it reaches your specified limit price (taker fee). If the amount of the order is bigger than what was available in the order book, the remaining amount will now act as an open limit buy order (and hence pay a maker fee).

Note: When placing a limit order, understand that if there are no or not enough matching bids for your order then it will not execute or only execute partially. 

If you want to place an order that does not get executed immediately, to buy at a lower price than the market price or to sell at a higher price than the market price, you might want to use this order type.

Stop limit order

A stop limit order is an advanced order type. It is not executed instantly, but is only Active at first. When the specified Stop price is reached (or crossed) the order is then Triggered and put in the order book, and once placed in the order book, acts as a normal limit order.

For example, for a sell order with these settings (see screenshot below) the following will happen. If the price of BTC reaches or crosses 9000 EUR (Stop price), an order to sell 1 BTC (Amount) at a price of 8900 EUR (Limit price) will be placed in the order book.

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The placed order then acts like a normal limit order and is meant to execute at your specified Limit price.

Note: As with limit orders, when placing a stop limit order, understand that if there are no or not enough matching bids for your order then it will not execute or only execute partially.

If you want to set a buy or sell limit in the order book that would otherwise not be possible, because your order would be matched immediately, for example to lock in potential profits or limit your potential losses, you might want to use this order type.

There are several ways a stop limit order might behave, depending on the current market price, the values you enter and if you attempt to either buy or sell. These scenarios can be: 

Note: All scenarios require enough volume in the order book.

Buy scenario 1

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Buy scenario 2

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The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.

Buy scenario 3

Buy_3_EN.jpg 

Buy scenario 4

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The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.

Sell scenario 1

Sell_1_EN.jpg

The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.

Sell scenario 2

Sell_2_EN.jpg 

Sell scenario 3

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The order is triggered and immediately filled because the current price, when the stop is triggered, is better than the limit price.

Sell scenario 4

Sell_4_EN.jpg

Tip: If you are uncomfortable using more advanced order types, you may want to research this topic further before trading on the Bitpanda Global Exchange. In the meantime, you can also continue to use our Bitpanda Platform.

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