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When you place an order on the Binance website, you can choose from different order types to suit your different needs.
1. Limit Order - Maker (Post Only)
When placing a limit order, you can check the [Post Only] box to ensure your order is not executed immediately in the market. It will exist as a maker order on the order book, adding liquidity to the market, and never match with orders already on the book. You will only be charged a maker fee, not a taker fee, when your placed order is executed.
However, if you want to execute part of the order immediately, such as buying an asset at a price above the current market price, the system will automatically cancel your order upon the order placement.
To access the Post Only feature, go to the Spot Trading page, click the [Settings] icon at the top right of the screen, click the [Layout] tab. Under [Order Mode] select the [Advanced] option.
2. Time in Force Order
Time in force indicates how long your order will remain active before it is executed or expired. This allows you to be more specific about the time parameters, and customize the duration when you place an order.
At Binance, you can place the following types of orders:
- GTC (Good-Till-Cancel): The order will last until it is completed or you cancel it.
- IOC (Immediate-Or-Cancel): The order will attempt to execute all or part of it immediately at the price and quantity. Any remaining, unfilled part of the order will be canceled. If no quantity is available at the chosen price when you place the order, it will be canceled immediately. Please note that Iceberg orders are not supported.
- FOK (Fill-Or-Kill): The order must be executed in full immediately (filled), otherwise it will be canceled (killed). Please note that Iceberg orders are not supported.
3. Iceberg Order
Iceberg orders are large orders split up into a series of small limit orders to avoid disrupting the market with a single large order. These orders consist of both visible and hidden orders, with only a small part displayed on the order book. When the visible orders are executed, the hidden orders transition to the order book.
For example, if you wish to sell 1,000 BNB with a limit order, you can place your order by checking the [Iceberg] box. Fill in the total amount you want to sell and your order will be divided into small orders (e.g., 10 BNB per order). After the initial order is filled, the subsequent orders will be executed progressively.
To learn more order types on Binance, please visit the following: