Unlike spot trading, you can experience crypto derivatives trading on Geco.one, which allows you to trade with a more significant amount of funds. You can use Geco. one’s leverage tool to boost your holdings and increase your earning potential.
Geco.one offers derivatives trading with leverage of up to 100x. That means when you trade, you can take a position size 100x more significant than the amount you are putting at risk. Your position size is limited in traditional spot trading to the amount you want to risk in any trade.
For a hitch-free trading experience, Geco.one offers five different order types:
- Quick Transactions
- Market Order
- Limit Order
- Stop Order
- OCO (One Cancels The Other)
FIVE(5) ORDER TYPES ON Geco.one Crypto Derivatives Exchange
Below is an outline of the order types available on Geco.one:
1. QUICK TRANSACTION
Speed and accuracy are crucial in opening cryptocurrency positions as you may need to get in and out of trade very quickly. Geco.one offers you the opportunity to do this swiftly with the quick transaction order option, which works faster than a Market order.
Due to the platform’s unlimited liquidity and instant order execution unique feature, you don’t have to worry about being precise with your trade entry and exit. Opening and Closing positions time shortened to just under 100 MLS.
Likewise, you don’t have to worry about Slippage. You can just set your slippage tolerance level before initiating a transaction using the Quick Transaction mode.
For example, you want to initiate a long/short position for 1 BTC at $65,486 with a quick transaction.
You have to select the QUICK TRANSACTION order type, input the quantity, set the slippage tolerance level, select the transaction period, and you are good to GO!
With the Geco.one quick transaction order, you are assured of precision and accuracy to the 100 MLS per trade.
2. MARKET ORDER
A market order is an order to purchase or sell something at the best available price right now. It requires liquidity to be filled, which means it is executed using limit orders already placed on the order book. You can’t be 100 Percent sure of the price due to Slippage that can occur when you get a price different from what you expected.
Setting a market order is an excellent option to purchase or sell a financial asset right now at the current market price.
For example, the price of BTC may be fast increasing, and you want to place an order as soon as possible. You’re willing to accept market prices as long as you can get BTC right now. In this situation, you’d place a market order on Geco.one.
3. LIMIT ORDER
You might want to take action yourself on setting a price, which you want a new position to be opened, instead of acting upon the market price; The limit order comes in.
With a limit order, you can instruct the exchange to open a short or long position at a self-determined price for a cryptocurrency once the market reaches the price. This instruction will not be executed if the market never attains the specified price level. Due to the time length, it might take to complete an order, Geco.one provides a more extended timeframe selection that would accommodate this lag in opening a Limit order.
It entails opening a long position at a lower price than the current market price and a short position at a higher price,
For example, Limit Orders are divided into two categories:
- Buy Limit
If you believe the market is likely to rise, you might pick a lower price than the current market price. The order will be executed and valid when the set price is triggered.
- Sell Limit
On the other hand, if you believe the market will fall, you can set a greater trigger price for shorting the asset.
4. STOP ORDER
A stop order differs from a limit order in that it includes a stop price, which causes a market order to be granted.
A stop price is stated in stop orders where you would select a price to short or long. A market order is triggered if the coin’s market price moves to the stop price. Stop orders, unlike limit orders, might have some slippage because there is usually a slight difference between the stop price and the subsequent market price execution. A stop order is placed when you forecast that the market will continue to move in the same direction.
A stop order can also be categorized into two:
- Buy Stop
If you believe the market will maintain its positive trend, you may pick a higher price to initiate a buy/long order.
- Sell Stop
If you believe the market will continue to be negative, you may place a sell/short order at a lower price.
5. OCO (One Cancels The Other)
The OCO is a unique order type that allows you to combine two conditional orders. It means that as soon as one order is triggered, the other order is automatically cancelled.
It is a pair of orders that state that if one order runs, the other be halted. On Geco.one, an OCO order combines a stop order and a limit order. The other order is automatically cancelled when the stop or limit price is reached, and the order is executed. OCO orders can be used to reduce risk and enter the market.
If the price of Bitcoin is $10,000, for example, you might use an OCO order to purchase Bitcoin when it reaches $9,900 or sell it when it reaches $11,000. The first of these two orders to be attained by the market will be executed, and the second will be automatically cancelled.