Order Types Supported by BitWell

Limit order

A limit order is a type of order to purchase or sell at a specified price or better. For buy limit orders, the order will be executed only at the limit price or a lower one, while for sell limit orders, the order will be executed only at the limit price or a higher one.

Market order

A market order is an order to buy or sell immediately. This type of order guarantees that the order will be executed, but does not guarantee the execution price. It is important for investors to remember that the last-traded price is not necessarily the price at which a market order will be executed.

Average Price Guarantee

A limit order instruction that order allows fills against worse prices if this is compensated with higher prices so the volume weighted average is at the limit price or better.

Buy Minus

A round-lot market order to buy “minus” is an order to buy a stated amount provided that the price is:

1.not higher than the last sale if the last sale was a “minus” or “zero minus” tick and

2.not higher than the last sale minus the minimum fractional change if the last sale was a “plus” or “zero plus” tick.

Sell Plus

A round-lot market order to sell “plus” is an order to sell a stated amount provided that the price is:

1.not lower than the last sale if the last sale was a “plus” or “zero plus” tick and

2.not lower than the last sale minus the minimum fractional change if the last sale was a “minus” or “zero minus” tick.

Same-side Best Price

Same-Side Best Price is an order whose quotation price is set at the best price on the same side in the order book at the time the order is routed into the trading system.

Take profit (Limit and Market)
Like for a Stop-loss order, you directly input the trigger price when creating a Take profit order. If you are buying, the order will get sent when the market price drops below your trigger price. If you are selling, the order will get sent when the market price exceeds above your trigger price.
It will be sent as a market order if you selected Take profit. Otherwise, if you selected Take profit limit, it will be sent as a limit order at the limit price.

Stop-Loss (Limit and Market)
When creating a stop-loss order, you directly input the desired trigger price. If you are buying, the order will get sent when the market price exceeds your trigger price. If you are selling, the order will get sent when the market price drops below your trigger price.
It will be sent as a market order if you selected Stop Market. Otherwise, it will be sent as a limit order at the limit price.