Order Types
The Tiger.com web terminal supports the following order types:
Order type is selected at the top of the trade window.
Limit order
When a trade is created, a limit order is placed in the exchange order book and waits until the price reaches the specified level. Once the price touches that level, the order is executed at the set price (or at a better price).
If a buy limit order is placed above the current price and a sell limit order is placed below the current price, execution will happen instantly.
Traders who use limit orders (makers) provide liquidity on the exchange, as they give other traders (takers) the opportunity to trade at the prices specified in these limit orders. Because of this, some exchanges may offer fee discounts when limit orders are used.
Trigger + limit order
A Trigger can be added to any limit order in the terminal. In terms of logic, a trigger is similar to a stop-limit order on the exchange: the limit order is not sent immediately but only after the price crosses the trigger level. This way, while waiting for the desired price, funds on the trading account are not locked.
The terminal uses smart trigger orders that cancel the limit order if the price moves back beyond the trigger level.
In practice this works as follows:
A limit order is placed on the exchange if the price crosses the trigger level in the required direction;
A limit order is cancelled if both of the following conditions are met:
the price has moved back beyond the trigger level by more than 2%;
at least 60 minutes have passed since the order was placed on the exchange.
A trigger is not used when it is necessary to “catch a squeeze”. During a sharp price movement, a limit order may not be executed because it is not yet in the order book at that moment. In such scenarios, a plain limit order without a trigger is used.
A trigger can be added to one or several orders at once. To do this, in the trade editing window, the ➕ button next to the required order is used.
The trigger toggle is available only for trades created with a limit order, not with a conditional order.
Market order
A market order is used when an asset needs to be bought or sold immediately at the current price on the exchange. Unlike a limit order, the exact execution price of a market order is not known in advance: because the price is constantly moving, the actual execution price may differ from the price at the moment the order was sent. This effect is called slippage.
When trading low-liquidity coins, the difference in prices can be significant. For example, when buying 1,000 units of a hypothetical coin at the market price, all sell orders in the order book will be filled up to the price of $3.30, and the average purchase price will be $3.10. Compared to the last price at the moment of the trade, this results in a difference of about 10%.
Conditional order
A conditional order allows buying or selling when the market reaches a specified price level. Until that price is reached, the order is not sent to the exchange order book and funds are not reserved, unlike with limit orders. Once the required price is reached, the trade is executed with a market order.
A conditional order will not be executed during a squeeze (sharp price movement), because at that moment it is still not in the order book. In such scenarios, only limit orders are used.
Conditional orders can be useful when trading on news, when a strong price move in one direction or another is expected, as well as on breakouts of strong support or resistance levels.
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