Echobit Futures supports multiple order types to help users place orders flexibly based on different market conditions and trading strategies. This article introduces Limit Order, Market Order, Trigger Order, and Sliced Order, and explains how to use them to manage positions and control risk more effectively.
Supported Order Types
Echobit Futures currently supports the following four order types:
- Limit Order
- Market Order
- Trigger Order
- Sliced Order
What is a Limit Order?
A Limit Order allows traders to set their own order price. The order will be executed at the specified price or a better price.
When you submit a Limit Order:
- If there are orders in the market at or better than your specified price, the system will match the order immediately.
- If there are no matching orders available, the order will remain in the order book until it is filled.
What is a Market Order?
A Market Order allows users to place an order without specifying a price. The system will execute the order immediately at the best available market price. Because market orders match directly against existing orders in the order book, they usually provide the fastest execution speed.
Advantages of Market Orders
- Fast execution
- Suitable for quick entry and exit
- No need to wait for an order to be filled
Risks of Market Orders
Due to market depth and price volatility, the final execution price may differ from the price shown at the time of order placement. This difference is called slippage.
What is a Trigger Order?
A Trigger Order allows users to set a trigger price in advance. When the market or Mark Price reaches the preset condition, the system automatically submits the order. Trigger Orders help users plan their trading strategy in advance without having to monitor the market continuously.
Before a Trigger Order is activated, margin is not frozen. When the trigger condition is met, the order will be submitted normally if the account has sufficient margin. If margin is insufficient, the order will be rejected.
What is a Sliced Order?
A Sliced Order is an advanced trading tool. The system automatically splits a large order into multiple smaller orders and executes them in batches, helping reduce the market impact of a single large trade.
Common use cases for Sliced Orders
- Large position openings
- Large position closings
- Institutional trading
- High-net-worth trading
Main advantages
- Reduces market impact
- Helps reduce slippage
- Hides the true size of the order
How to choose an order type
Step 1: Select a futures trading pair
Web: Visit the official Echobit website and log in to your account. Click "Futures" → "USDT-M Futures" in the top navigation bar to enter the futures trading page. Click the trading pair area in the upper-left corner and select the contract you want to trade.
App: Open the Echobit App and log in to your account. Tap "Futures" in the bottom navigation bar to enter the USDT-M Futures trading page. Tap the trading pair area in the upper-left corner and select the contract you want to trade.
Examples include BTCUSDT, ETHUSDT, and SOLUSDT.
Step 2: Set trading parameters
1. Choose a margin mode
- Cross Margin: The available margin in your account will be used as margin for the position, with risks and returns shared across positions.
- Isolated Margin: Only the margin allocated to that position is used, so the risk is isolated to that position.
2. Adjust the leverage
Set the leverage level according to your personal risk preference. Higher leverage can amplify potential returns, but it also increases risk.
Step 3: Choose an order type
1. How to use a Limit Order
1.1 In the order entry area on the futures trading page, select "Limit".
1.2 Enter the order price and quantity. After confirming the information, click "Open Long" or "Open Short". Once submitted successfully, the order can be viewed in Open Orders, and you can click "Cancel Order" to cancel it.
2. How to use a Market Order
2.1 In the order entry area on the futures trading page, select "Market".
2.2 Enter the order quantity. No price input is required. After confirming the information, click "Open Long" or "Open Short". The order will be executed immediately.
3. How to use a Trigger Order
3.1 In the order entry area on the futures trading page, select "Trigger".
3.2 Enter the trigger price, choose the trigger price source, select the order price type, and enter the quantity.
3.3 Click "Open Long" or "Open Short" to submit the order. Once submitted successfully, the order can be viewed in Open Orders, and you can click "Cancel Order" to cancel it.
4. How to use a Sliced Order
4.1 In the order entry area on the futures trading page, select "Sliced Order" on Web, or "Segmented" on App.
4.2 Enter the minimum price, maximum price, total size, and number of split orders, then choose an allocation method:
- Fixed: Each split order has the same size within the total amount.
- Ascending: Order size increases systematically as the price rises.
- Descending: Order size increases systematically as the price falls.
4.3 After confirming the above information, click "Open Long" or "Open Short" to submit the order. Once submitted successfully, the order can be viewed in Open Orders, and you can click "Cancel Order" to cancel it.
Echobit Official Channels
Website: http://echobit.com/
Linktree: https://linktr.ee/Echobit_Exchange
Twitter: https://x.com/EchobitExchange
Telegram: https://t.me/EchobitOfficial
Facebook: https://www.facebook.com/EchobitOffical
Risk Disclaimer
Cryptocurrency investments are subject to high market risk and price volatility. You should only invest in products that you are familiar with and fully understand the associated risks.
Before making any investment decisions, please carefully assess your investment experience, financial situation, investment objectives, and risk tolerance, and consider seeking advice from an independent financial advisor.
The information provided in this document is for informational purposes only and should not be considered financial, investment, or trading advice. Past performance is not indicative of future results. The value of your investments may fluctuate, and you may lose part or all of your invested capital.
You are solely responsible for your investment decisions. Echobit shall not be liable for any losses or damages arising from your investment activities.
