In the fast-paced cryptocurrency futures market, opening a position is the first step and often the key to success or failure. Many traders, especially beginners, rely only on basic market and limitIn the fast-paced cryptocurrency futures market, opening a position is the first step and often the key to success or failure. Many traders, especially beginners, rely only on basic market and limit
Placing Different Types of Futures Orders
In the fast-paced cryptocurrency futures market, opening a position is the first step and often the key to success or failure. Many traders, especially beginners, rely only on basic market and limit orders. This can result in missed opportunities or higher trading costs due to slippage.
In fact, platforms like MEXC provide multiple order types, each designed for specific trading scenarios. Mastering these tools allows traders to execute their strategies with greater precision and control.
This article will provide a complete overview of the different order types available in MEXC Futures trading and explain how to use them together to build positions quickly, efficiently, and at lower cost.
MEXC offers five types of orders for futures trading: Limit Order, Market Order, Trigger Order, Trailing Stop Order, and Post Only. Each comes with distinct features, and traders can choose based on their individual needs and trading objectives.
1. Limit Order
1.1 Definition
A Limit Order is an order to buy or sell once the market reaches a specified price. It allows traders to set the order price, and the trade will be executed at that price or at a better one.
When a Limit Order is submitted, if there are already orders on the order book at the same or a better price, it will be executed immediately at the best available price. If not, the Limit Order will remain on the order book until it can be matched, which also contributes to market depth.
1.2 Advantages and Disadvantages
Advantages: Precise Cost Control
- No Slippage: Your execution price will never be worse than the limit you set, helping you control entry costs with precision.
- Maker Role: If your order does not immediately match with existing ones but stays in the order book, you often benefit from lower maker fees.
Disadvantages:
- Execution is not guaranteed, as it depends on market conditions.
- Orders may remain pending for some time before being filled.
1.3 Use Cases
Limit Orders are typically used when traders want to buy or sell at a specific fixed price. Below are two common examples of using a Limit Order:
Example 1: Trader A is trading BTC Perpetual Futures. The current price is 40,000 USDT. If A wants to buy at 39,000 USDT, they can place a Limit Order. Once the market price falls to 39,000 USDT or below, the order will be triggered and executed.
Example 2: The current BTC Perpetual Futures price is 40,000 USDT. If A wants to sell at 41,000 USDT, they can place a Limit Order. Once the market price rises to 41,000 USDT or higher, the order will be triggered and executed.
1.4 Time-in-Force Options
When placing a Limit Order, you can choose from three different time-in-force settings: GTC (Good Till Canceled), IOC (Immediate or Cancel), and FOK (Fill or Kill).
- GTC (Good Till Canceled): The order remains active until it is either fully executed or manually canceled.
- IOC (Immediate or Cancel): The order will attempt to execute immediately. Any portion that cannot be filled at the specified price will be canceled.
- FOK (Fill or Kill): The order must be filled in full immediately at the specified price. If not, it will be canceled entirely.
1.5 How to Place a Limit Order
Web: Go to the Futures trading page, select Limit, enter the Price and Quantity, then click Open Long or Open Short.
App: Go to the Futures trading page, select Limit, enter the Price and Quantity, then click Open Long or Open Short.
2. Market Order
2.1 Definition
A market order is an order type that executes immediately at the best available market price.
2.2 Advantages and Disadvantages
- Advantages: A market order does not require the user to set a price, allowing the order to be executed quickly.
- Disadvantages: While market orders ensure rapid execution, they cannot guarantee the execution price. Market prices may fluctuate rapidly, resulting in slippage compared to the expected price. To mitigate this risk, you can enable the Price Protection feature on MEXC, which helps prevent abnormal stop-loss or take-profit triggers during periods of extreme volatility.
2.3 Use Cases
Market orders are generally used when traders want to buy or sell quickly at the current market price. Two common examples are:
Example 1: The price of BTC Perpetual Futures quickly breaks above 40,000 USDT. Trader A wants to buy immediately and is willing to accept the market price in order to enter a position. In this case, A can use a market order to buy.
Example 2: The price of BTC Perpetual Futures quickly falls below 39,000 USDT. Trader A wants to sell immediately and is willing to accept the market price in order to exit. In this case, A can use a market order to sell.
2.4 How to Place a Market Order
Web: Go to the Futures trading page, select Market, enter the Quantity, then click Open Long or Open Short.
App: Go to the Futures trading page, select Market, enter the Amount, then tap Open Long or Open Short.
3. Trigger Order
3.1 Definition
A trigger order allows users to pre-set a trigger price, order price, and quantity. When the market price reaches the trigger price, the system will automatically place an order at the specified order price. Before the stop order is triggered, no position or margin will be frozen.
3.2 Advantages and Disadvantages
- Advantages: Trigger orders reduce the need for constant monitoring, allowing users to plan entry and exit points in advance. They help secure profits or limit losses during trading.
- Disadvantages: A Trigger order may not always be successfully triggered due to position limits, insufficient margin, or market conditions.
3.3 Use Cases
Trigger orders are typically used to pre-set entry or exit prices.
Scenario 1: Stop Loss. Trader A holds a BTC Perpetual Futures long position with an entry price of 40,000 USDT. A believes that 39,000 USDT is a key support level, and if the price breaks below it, further declines are likely. A can set the Trigger Price at 39,000 USDT and the Order Price at market 39,000 USDT or lower. If the price falls to 39,000 USDT, the trigger order is triggered and the system places an order to close the long position.
Scenario 2: Breakout Entry. Trader A sees BTC Perpetual Futures trading at 39,000 USDT and believes that if the price rises above 40,000 USDT, it could start a strong upward trend. A can set the Trigger Price at 40,000 USDT and the Order Price at market 40,000 USDT or higher. If the price rises to 40,000 USDT, the trigger order is triggered and an order is placed to open a long position.
3.4 Three Price Types
When using a Trigger Order, you need to be aware that there are three types of trigger prices: Last Price, Fair Price, and Index Price.
- Last Price: The most recent transaction price in the MEXC Futures order book.
- Fair Price: A protective mechanism introduced to prevent losses caused by abnormal price fluctuations on a single platform. It is calculated using weighted price data from major exchanges and reflects the market price more fairly.
- Index Price: Calculated by MEXC based on spot prices from multiple leading exchanges, with different weightings applied.
3.5 How to Place a Trigger Order
Web: Go to the Futures trading page, select Trigger Order, enter the Trigger Price, Price, and Quantity, then click Open Long or Open Short.
App: Go to the Futures trading page, select Trigger, enter the Trigger Price, Price, and Amount, then tap Open Long or Open Short.
4. Trailing Stop Order
4.1 Definition
A Trailing Stop Order is a conditional strategy order that submits a trade to the market after a pullback occurs. When the market price of the future meets both the user's preset activation price and the trailing percentage (or amount), the order is triggered.
Trigger price calculation:
For Sell Orders:
- Trigger Price = Highest Price Reached – Trail Variance (Price Distance)
- Trigger Price = Highest Price Reached × (1 – Trail Variance % (Ratio)
For Buy Orders:
- Trigger Price = Lowest Price Reached + Trail Variance (Price Distance)
- Trigger Price = Lowest Price Reached × (1 + Trail Variance % (Ratio)
In addition, users can set an activation price, which acts as the condition for enabling the Trailing Stop Order. The system will only begin tracking and calculating the actual trigger price once the market reaches or exceeds the activation price based on the selected price type. If no activation price is set, the order is activated immediately after being placed. The activation price can be based on three price types: Last Price, Fair Price, or Index Price.
4.2 Advantages and Disadvantages
- Advantages: Provides better control over profits and allows traders to replicate trading strategies more systematically.
- Disadvantages: The cryptocurrency market is highly volatile, making it challenging to set an appropriate callback (trail) ratio.
4.3 Use Cases
Trailing stop orders are typically used to buy during rebounds from market lows or to sell during pullbacks after price surges. Below are two examples:
Scenario 1: Buying on a rebound. Suppose the BTC Perpetual Futures market price drops to 39,000 USDT. Trader A believes the price will continue falling but expects a rebound around 37,000 USDT. A wants to buy once the rebound reaches 1%. Therefore, A sets a trailing stop with an Activation Price of 37,000 USDT, a Trail Variance of 1%, and places a Buy Long trailing stop order.
Scenario 2: Selling on a pullback. Suppose the BTC Perpetual Futures market price rises to 40,000 USDT. Trader A believes the price will continue climbing but may pull back after reaching 42,000 USDT. A wants to sell once the decline reaches 1%. Therefore, A sets a trailing stop with an Activation Price of 42,000 USDT, a Trail Variance of 1%, and places a Sell Short trailing stop order.
4.4 How to Place a Trailing Stop Order
Web: Enter the Futures trading page, select Trailing Stop, enter the Trail Variance and Quantity, then click Buy Long or Sell Short.
App: Enter the Futures trading page, select Trailing Stop, enter the Ratio and Amount, then tap Open Long or Open Short.
5. Post Only
5.1 Definition
Post Only ensures that your order will never be executed immediately. It guarantees that you will always be the Maker. If the order matches an existing order right away, it will be automatically canceled.
A Maker is a trader who places limit orders at specified prices and quantities, waiting for other users to fill them, thereby adding liquidity to the market. A Taker, on the other hand, executes directly against existing limit or market orders, consuming liquidity from the market.
5.2 Advantages and Disadvantages
- Advantages: In MEXC Futures trading, Maker orders have a much lower fee rate compared to Taker orders. Using Post Only guarantees that you always pay 0% fees.
- Disadvantages: Since Post Only places pending orders rather than taking existing ones, there is no guarantee of immediate execution.
5.3 Use Cases
Post Only is generally used by liquidity providers to earn fee advantages. Below are two examples:
Example 1 (Bullish Case): Suppose Trader A is bullish on BTC. The current BTC Perpetual price is 40,000 USDT. If A sets a buy order at 39,000 USDT (below the market price), the order will not be executed immediately. The order is posted successfully, making A a Maker. However, if A sets a buy order at 41,000 USDT (above the market price), the order would fill instantly and therefore be canceled, ensuring that A remains a Maker.
Example 2 (Bearish Case): Suppose Trader A is bearish on BTC. The current BTC Perpetual price is 40,000 USDT. If A sets a sell order at 41,000 USDT (above the market price), the order will not be executed immediately. The order is posted successfully, making A a Maker. However, if A sets a sell order at 39,000 USDT (below the market price), the order would fill instantly and therefore be canceled, ensuring that A remains a Maker.
5.4 How to Place a Post Only Order
Web: Go to the Futures trading page, select Post Only, enter the Price and Quantity, then click Open Long or Open Short.
App: Go to the Futures trading page, select Post Only, enter the Price and Amount, then tap Open Long or Open Short.
6.1 Definition
A Chase Limit Order is a type of limit order placed at the best available bid or ask price that automatically adjusts with changing market conditions until the order is filled, canceled, or reaches the maximum chase distance. Note that Chase Limit Orders are only supported under Hedge Mode.
6.2 Advantages and Disadvantages
Advantages:
- Faster Execution: A Chase Limit Order allows execution at the real-time market price within a set protection limit, maximizing the chances of a quick fill.
- Capture Market Opportunities: Enables traders to react swiftly to market volatility and seize favourable price movements.
Disadvantages:
- Price Uncertainty: The executed price may differ from expectations. Buy orders could fill at higher prices or sell orders at lower prices than intended.
- Slippage Risk: During sharp price movements, the actual execution price may deviate significantly from the initial expected price, resulting in slippage.
6.3 Use Cases
Chase Limit Orders are ideal for fast-moving markets, where traders seek quick execution while maintaining a price ceiling or floor to limit slippage. They combine the execution speed of a market order with the price control of a limit order, making them suitable for traders who value both responsiveness and price precision.
6.4 How to Place a Chase Limit Order
On Web: Go to the Futures Trading page, enable Hedge Mode, select Chase Limit Order, set the Chase Price, enter the Quantity, then click Open Long or Open Short.
Mastering the different order types on MEXC marks the transition from passively accepting prices to actively managing trades. It requires traders to not only participate in the market but also act as the strategists and executors of their own plans. Limit Orders help you control costs, Market Orders secure execution speed, while Trigger Orders and Stop Loss/Take Profit orders integrate discipline and strategy into every trade. From now on, try combining these order types in your trading. You will find that opening positions becomes more deliberate, efficient, and cost-effective.
Recommended Reading:
- Why Choose MEXC Futures? Gain deeper insight into the advantages and unique features of MEXC Futures to help you stay ahead in the market.
- MEXC Futures Trading Tutorial (App) Understand the full process of trading Futures on the app and get started with ease.
Disclaimer: This material does not constitute advice on investments, taxes, legal matters, finance, accounting, consulting, or any other related services, nor is it a recommendation to buy, sell, or hold any assets. MEXC Learn provides information for reference only and does not constitute investment advice. Please ensure you fully understand the risks involved and invest cautiously. All investment decisions and outcomes are the sole responsibility of the user.
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