Since its inception in 2018, the PointPay ecosystem has opened up the world of cryptocurrency to anyone, anywhere in the world. To help our users succeed in trading strategies, we have recently introduced several new order types, including Fill or Kill (FoK) orders.
A 'Fill or Kill' is a type of order you can use to buy or sell at a specified price or better. If your order can't be 'filled' at this price, it will be 'killed' or canceled. FoK implies that the cryptocurrency order will only be fulfilled if the entire amount can be matched. If that does not happen, it will be canceled automatically. This type of order is designed for crypto traders who do not want a partial fill if it leaves them with a short position on an asset.
What are the benefits of this order, and how can you use it? Let's explore!
FoK Orders explained
Just because you place an order, it does not necessarily get executed. The timing and duration of your orders are important to manage your portfolio successfully.
Fill or Kill order is an order type that is used to buy and sell a digital asset under specific conditions. If those conditions are not filled instantly, the whole order gets killed or canceled. If you wish to buy a specific number of digital assets at a specific price, executed immediately, FoK will be your best option.
Let’s say you place an order to buy 1 Bitcoin. Imagine that two random people, Jessica and Jacob, are selling Bitcoin, but Jessica can only sell ⅕ of a bitcoin and Jacob the remaining ⅘. This means you will have to wait until your order is completed and one bitcoin in total is sold to you. This can take a long time, which also means that there will be price movements in the market during that time.
To avoid this issue, you can use FoK order to ensure that it will only involve one person and is executed fully, or the order gets killed. You can choose specific conditions for placing a FoK order, such as a specific price rate and time.
A fill or kill (FOK) order aims to ensure that an entire position is executed at prevailing prices promptly. Without a fill-or-kill designation, it might take a prolonged period to complete a large order. A trader might place several FoK orders at once, and when one is executed, they can cancel the other orders.
Benefits of the FoK order
It all comes down to the investors’ strategy and preferences when determining what kind of order to use. Investors can use the FoK order to avoid headaches in certain situations. Usually, investors use the FoK order to purchase large amounts of digital assets at a set price and specific time.
There are many benefits of the FoK order type, including
- Avoid significant price changes
FoK can be very useful when buying a large amount of assets, as a slight price change or purchase quantity can significantly impact the trade outcome and its final gains. - Timing
With FoK, the order to buy or sell a certain asset is done within a short period of time. This is one of the main goals of the order type and a great benefit for investors with big orders. - One whole transaction
FoK ensures you get your full order of buy or sell assets from one source, and no small amounts will be left.
Fill or Kill orders on PointPay exchange: your complete guide
Let's get started on how to use Fill or Kill orders on the PointPay exchange!
- Log into your PointPay account or register if you don't have an account yet.
2. Click on “Exchange” in the main header section. For now, we will select the Advanced exchange interface.
3. After choosing a market, click on the Buy or Sell field in the upper right corner. In our example, we are planning to place a Buy order. The same steps apply when you want to place a Sell order.
4. Choose the Limit order type and scroll down the options choosing “FillOrKill”.
5. Type in the limit price and select the amount.
6. Now it’s time to confirm the “Total” and double-check everything before completing the order.
7. Press the “Buy” button to complete your order.
That's it! You can check your “Order history” to ensure your order was completed in full. Should you encounter any difficulties with the FoK order type, you can always contact our support and get assistance within several minutes.
We offer you access to the best financial services and technologies so that you can trade your way to success. We strive to provide you with the best traditional financial services and modern technologies, all in one place. We offer you a highly liquid market, a broad range of trading instruments, and various order types to help you trade efficiently.
Enjoy FoK orders on the PointPay exchange, and grow your investments on a secure and innovative platform!
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