Understanding Order Types in Futures Trading—GTC, FOK, and IOC

[Estimated reading time: 5 mins]

In Bitget Futures, the types of orders you place directly affect your trading efficiency. This article explains three commonly used order types—GTC, FOK, and IOC—to help you optimize your trading strategy.

Key Differences Between GTC, FOK, and IOC

1. GTC (Good till Canceled)

GTC stands for Good Till Canceled. This order type remains active until it is either fully filled or manually canceled. It is ideal for traders who place long-standing limit orders, especially in volatile markets. GTC is suitable for traders seeking flexibility.

• Key feature: The order stays active until it's filled or canceled.

• Best for: Waiting to enter or exit the market at a specific price.

• Example: You believe BTC is a good buy at 50,000 USDT, but the current price is 52,000 USDT.

• Action: Place a GTC limit order to buy 1 BTC at 50,000 USDT.

• Outcome: If BTC falls to 50,000 USDT, the order will be filled automatically. If the price stays above 50,000 USDT, the order will remain open until manually canceled.

2. FOK (Fill or Kill)

FOK stands for Fill or Kill. This order type must be executed immediately in full upon placement—otherwise, it is canceled entirely. It's well-suited for placing large orders within a short timeframe. FOK orders can help reduce risk in highly volatile markets.

• Key feature: The order will either be executed immediately in full or automatically canceled.

• Best for: Executing large orders while avoiding price slippage from partial fills.

• Example: You want to buy 10 BTC at 51,000 USDT, but only 5 BTC is available at that price due to insufficient market depth.

• Action: Place an FOK limit order to buy 10 BTC at 51,000 USDT.

• Outcome: Since only 5 BTC is available in the market, the order cannot be filled entirely and will be canceled immediately—no partial execution occurs.

3. IOC (Immediate or Cancel)

IOC stands for Immediate or Cancel. This order type executes any portion that can be filled immediately and cancels the rest. It's ideal for short-term traders who need quick execution and want to avoid pending orders.

• Key feature: Partial execution is allowed; the remainder is canceled.

• Best for: Quick position adjustments or seizing market opportunities.

• Example: You want to sell 5 BTC as soon as possible. The best bid is 50,000 USDT for 3 BTC, and the second-best is 49,900 USDT for 2 BTC.

• Action: Place an IOC limit order to sell 5 BTC at 50,000 USDT.

• Outcome: 3 BTC will be sold immediately at 50,000 USDT. The remaining 2 BTC will be canceled automatically (not executed at a lower price).

Choosing the Right Order Type

Each order type serves a unique purpose in different market conditions. GTC suits traders who prefer patience and price precision, FOK is designed for large-volume trades requiring full execution, and IOC provides flexibility for quick adjustments. Understanding when and how to use each order type helps you trade more efficiently and improve your execution strategy on Bitget Futures.

FAQ

1. What does GTC mean in Bitget Futures?

GTC stands for Good Till Canceled. It means your order will stay active until it's either fully executed or manually canceled.

2. When should I use a GTC order?

Use GTC orders when you want to wait for a specific price level—for example, when setting long-term entry or exit targets in a volatile market.

3. Does a GTC order expire automatically?

No. A GTC order remains in the order book until it is filled or manually canceled by the trader.

4. What does FOK stand for, and how does it work?

FOK stands for Fill or Kill. Your order must be executed immediately and completely upon placement—otherwise, it's canceled entirely.

5. When is it best to use a FOK order?

FOK orders are best for large trades where partial fills are unacceptable, helping to avoid slippage or inconsistent pricing.

6. What does IOC mean in Bitget Futures?

IOC stands for Immediate or Cancel. It allows partial execution—whatever can be filled right away is executed, and the rest is canceled.

7. When should I use an IOC order?

Use IOC orders when you want to execute trades quickly without leaving pending orders—for example, when making fast adjustments to your position.

Disclaimer and Risk Warning

All trading tutorials provided by Bitget are for educational purposes only and should not be considered financial advice. The strategies and examples shared are for illustrative purposes and may not reflect actual market conditions. Cryptocurrency trading involves significant risks, including the potential loss of your funds. Past performance does not guarantee future results. Always conduct thorough research and understand the risks involved. Bitget is not responsible for any trading decisions made by users.