The basic principle of matchmaking: price & time priority
The principle of price priority at the time of trade refers to: buy orders of higher price take priority over those with lower price, and sell orders of lower price take priority over those with higher price.
The principle of time priority at the time of trade refers to: orders of same price and same direction are then ranked by sequential order which shall be determined according to the order time recorded by the GJ Trading Platform.
(1) Limit Order
A limit order is an order with a limit price when a trader sends the order to buy or sell crypto currency. When a trader buys crypto currency, a limit order can only be executed at or below the maximum price specified by GJ Trading Platform. When a trader sells crypto currency, a limit order can only be executed at or above the minimum price specified by GJ Trading Platform or higher.
A trader can execute the trading of crypto currency at the expected price or at a better price by entering a limit order which is beneficial to achieve his/her expected investment plan.
(2) Market Order: Fill or Kill (FOK) Order
A FOK order is immediately filled in whole or in part at the best price available at the order time. Any unexecuted part is automatically withdrawn immediately. A FOK order may be split across opposite side’s multiple orders with different prices. Its function is designed as follows:
- A FOK order is not required to specify the price. If a valid order exists on the opposite side in the central orderbook at the relevant time, a FOK order will be executed in sequence at the opposite side’s price.
- A FOK order can be executed at different prices of opposite side until there is no valid orders on the opposite side (i.e., there is no orders on the opposite side in the trading system within the range of the price limit or within the effective bid price based on the last transaction price)
- If there is any unexecuted part of an FOK order (including partial trades and failing trades), the trading system will immediately revoke the unexecuted part;
- A FOK order does not have matching priority;
- A market order takes priority over a limit order when the market price and the limit price are the same.