Traders are looking for maximizing their profit by utilizing any and every feature they can get. This includes profiting from rising as well as falling markets by utilizing long and short positions, using leverage and looking for the platform which offers the most options when it comes to order processing and technical analysis.

Many new traders neglect the fact that the order processing plays a major role in creating a good entry and exit opportunities. However, as the average cryptocurrency trader changes, so do the features offered to them.

Order types

PrimeXBT tries to cater the needs of their traders by offering the best options when it comes to how they can set their orders. Traders can make an order by using:

· Market orders

· Limit orders

· Stop orders

Market order

A market order is executed immediately, at the first available market price. Traders use market order when they want to enter the position immediately, and do not care about the exact price of entry. Market order is our default order, and will be automatically chosen when clicking “buy” or “sell” unless changed. The only variable is the amount of cryptocurrency to be sold or bought.

Limit order

Limit orders are orders where the trader specifies a maximum or minimum price buy or sell a cryptocurrency. Traders use this order type to improve and time their price of entry or exit. This type of order, however, does not guarantee the successful execution. If the price does not reach the specified price, limit order will not be triggered. Limit order is the second option in ‘Order Type’ drop-down menu PrimeXBT offers.

The variables in this order type are the amount of asset trader is willing to trade as well as the limit price. Limit price must always be lower than highest bid price for buy orders and higher than lowest ask price for sell orders. The PrimeXBT system will warn traders if the order is too high or too low. Another feature with limit orders is the order duration. There are two options:

· GTC (good till cancelled) and

· Day order (system will show you many hours remain until the order is cancelled if not executed before).

Traders can also set up Protection Orders by checking the tick boxes. It will expand the form and allow you to set up Stop Loss price and Take Profit price.

Stop order

A stop order will trigger buy or sell entry of an asset once the price of the stock reaches a specified price, known as the stop price. As soon as the stop price is reached, a stop order becomes a market order, fulfilling immediately. Traders use this type of order for two main strategies:

· As a risk-management tool in order to limit losses on existing positions, and

· As an automatic tool to enter the market at a desired entry point without manually waiting for the market to place the order. This saves up a lot of time that would be spent near a monitor waiting for the asset to reach a certain price.

A buy stop order is always placed above the market price, and a sell stop order is placed below the market price.

Protection orders

Traders can set up additional protection orders for any new market, limit or stop orders by clicking on the box “Protection Orders” in the order form. It will expand the form and allow the user to set up Stop Loss price and Take Profit price. Setting the protection orders for any existing position is done by double clicking the position where you want to add protection order. This action will bring up the order modification pop up.

The PrimeXBT users will receive a warning if there is anything in the order that could prevent the platform from setting a Stop Loss. Order completion will not be available until this is fixed.

Order adjustment and cancelation

Any already set orders can be adjusted in case of a strategy change or a simple typo. Additionally, the orders can be canceled at any time, without any cost.

Conclusion

Order types, though often neglected, are a big part of every good trader’s career. Having a platform which offers different type of orders is crucial for both creating new opportunities, as well as saving time.