We're so excited to announce that PointPay has launched an Immediate-or-Cancel (IoC) order tool, allowing you to make your trading more flexible. It's a great way to buy or sell cryptocurrency immediately at your specified price.
Below is a short guide to the benefits of IoC orders and how to use them on the PointPay cryptocurrency exchange.
How Do IoC Orders Work?
Immediate-or-Cancel orders are short-lived, automatically canceled orders that can result in one of three outcomes:
- the order is executed completely;
- the order is executed partially;
- the order is not executed.
The fast execution and automatic cancellation features allow traders to take advantage of market movements by selling or buying at least part of their desired order, if not the whole order.
Furthermore, an IoC order can be useful when a trader wants to make an order at a certain price, no higher or lower. This approach resolves a problem when an order cannot be filled entirely.
Let’s take a look at how it works:
You want to buy 5 BTC at $20,000 each. But there are only 3.5 BTC available at this price. So 3.5 BTC will be bought at the desired price while the other unfilled part of the order will be immediately canceled.
The main distinctive characteristic of an IoC or order tool is that it allows partial order execution. This differs from, for example, a Fill-or-Kill or All-or-None order which assumes that only the whole order must be executed - or none.
Another important feature of an IoC is that it lives for only a few seconds. The order would be canceled if there were no 3.5 BTC available during those few seconds. In our example, the rest of the order, 1.5 BTC, was canceled.
There are two types of IoC orders:
- the IoC market order means that you seek to buy or sell a certain quantity of coins but don’t set a price you’d like to pay. You agree with the price that’s now in an exchange’s order book;
- the IoC limit order (a cap order or a stop order) means that you set such a price. Our case with 5 BTC is an example of a cap order, as you indicated that you want them for $20,000 each.
Benefits of the IoC orders
- You pay exactly for what you want and how much you want
We could use an example with a FoK order to understand this benefit. Suppose you want to buy 5 BTC using a FoK order type. There are 3.5 BTC available for $70,000, 1 BTC for $20,050, and 0.5 BTC for $10,035. So to buy 5 BTC, you would pay $70,000 + $20,050 + $10,035 = $100,085. As a result, you will overpay $85 versus buying each 1 BTC for $20,000. That's why IoC orders are typically used for big buys or sells.
- You take advantage of a favorable moment in a highly volatile market.
You might remember the most exciting season in the short crypto market history when Bitcoin saw an increase in its price of more than $1,000 or even more a day. Buying was a wise strategy then, as you could earn a lot on a strong upward trend. However, to implement this strategy, you had to be flexible. Setting up a buy order with an exact amount could fail. You could also try to buy small quantities, but this approach wouldn’t yield much. That’s where IoC steps in to meet the need when you are ready to catch the right wind to navigate your way to profit during stormy times.
- You are not overloaded with information
IoС orders are filled, partially filled, or unfilled almost instantly and automatically. So you don’t need to worry whether you’ll forget to close the position.
How to place the IoC order on PointPay Exchange?
Placing an Immediate-or-Cancel order at PointPay exchange is simple thanks to the user-friendly interface.
Take the following steps:
- Choose Advanced in the Exchange section at https://pointpay.io/.
- Find the desired trading pair. In our example, we will go further with BTC/USDT.
- Click on Limit in the Place Order section. In a drop-down menu, choose IoC.
4. Choose a type of IoC order you want to place, a market, or stop. The system will automatically set the trending market price for your convenience, but you can correct it.
5. Write the number of coins you need and confirm your order!
What’s Ahead
PointPay is a platform that gives you better ammunition and widens your possibilities. We're happy to help you earn more in the crypto market. Hopefully, IoC orders will boost your profits and increase flexibility. You can follow our blog to get news about our recent developments.
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