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What are the order types offered at Felix and how do they work?

Felix offers 4 order types for most trading pairs and this is how they work:

1. Market Order

When you elect to buy or sell an asset at the best available price in the current market. This is equivalent to a spot purchase: whatever the prevailing market price at the time the order is placed is the price at which the order will (most likely) execute.

2. Limit Order

Executes at a user-specified price. Buy limit orders will only execute at the limit price or lower, whereas sell limit orders will only execute at the limit price or higher.

3. Stop-Limit Order

Limit order that has a stop price. When the stop price is reached, it triggers the limit order. The limit price is the specific price of the limit order the stop price triggers.

Once your stop price has been reached, the limit order is immediately placed on the order book.
The stop and limit prices can be the same. However, for sell orders it is recommended to set your stop price (trigger price) slightly higher than the limit price. The price difference allows for a safety gap in price between the time the order is triggered and when it is fulfilled.
For buy orders, set your stop price slightly lower than the limit price. This will also reduce the risk of your order not being fulfilled.
4. One-Cancels-the-Other (OCO)
This order type combines two market orders, where if the limit order is fully or partially fulfilled, or the stop limit order is triggered, the other is canceled.

An OCO order on Felix consists of a stop-limit order and a limit order with the same order quantity. Both orders must be either buy or sell. If a trader cancels one of the orders, the entire OCO order pair is canceled.