What is an immediate or cancel order (IOC)?
Understanding Immediate or Cancel (IOC) Orders in Crypto Trading
An immediate or cancel order (IOC) is an instruction to trade crypto that focuses on immediately executing all or parts of your investment. If some of your cryptos remain unfulfilled, this order type cancels the order.
You can use an IOC order to specify how long you’d like your order to remain active in the market and the conditions that warrant its cancellation. It especially comes in handy when the crypto market is volatile.
Based on your execution requirements, you can either go for a ‘limit’ IOC or a ‘Market’ IOC. An IOC limit order executes a sale when the price reaches a certain point, while an IOC market order executes the instruction at the best offer price.
Pros
- Great for volatile markets.
- Gives you high flexibility.
- You can execute multiple IOC instructions.
Cons
- Can be complex for beginners.
How do I place a IOC order on Ndax?
Desktop
- Login to https://ndax.io/
- Once you log in you will be redirected to your dashboard
- Click TRADE on the left-hand side of the screen
- On the trade page, click BUY (Green button) or SELL (Red Button) on the right side of the screen
- Click the small GREY ARROW in the upper left corner of the screen to pick the CRYPTOCURRENCY/CAD
- Click the small GREY ARROW on the pop-up to display the dropdown list of Advanced trade orders
- Click on IOC
- Enter ORDER SIZE
- Enter LIMIT OFFSET
- Click PLACE BUY/SELL ORDER
Mobile Website
- Login to Ndax
- Click the Ndax SYMBOL on the top left-hand corner
- Click TRADE from the dropdown menu
- On the trade page, click BUY (Green button) or SELL (Red Button) at the bottom of the screen
- Click the small GREY ARROW on the upper left corner and select the BTC/CAD pair
- Select IOC
- Enter ORDER SIZE
- Enter LIMIT OFFSET
- Click PLACE BUY/SELL ORDER
To learn more about Immediate or Cancel Orders (IOC), check out our blog:
Advanced Trading: Bitcoin Immediate or Cancel Order (IOC)