What is GTC IOC FOK?
Bitcoin GTC IOC FOK orders are a feature that allows you to set the execution method in the coin order book. While GTC execution orders are basically applied in spot trading, in Bitcoin futures trading, you can additionally apply IOC and FOK.
The meaning of GTC IOC FOK
By setting GTC IOC FOK, you can attempt more strategic futures trading and reduce losses by a narrow margin or gain more profits.
Moreover, the meanings of GTC, IOC, and FOK are quite simple, and they are features that anyone can easily apply without much difficulty. The meanings of each order are as follows:
- GTC: This is the most basic order option used, and is the option utilized in Upbit and Bithumb.
It is an option where the remaining unexecuted orders stay in the order book, and it is the most basic order option used not only in domestic exchanges but also in foreign exchanges. Also, it is the most familiar order to many coin users.
- IOC: An option that works similarly to GTC, but with unexecuted orders being immediately canceled.
While GTC keeps unexecuted orders, IOC is an option where unexecuted quantities are immediately canceled after execution. When you initially place an order with IOC, the advantage is that unexecuted quantities of orders are automatically canceled without the need for manual cancellation.
- FOK: Full immediate execution
FOK stands for Fill or Kill, and it’s an option where the order is automatically and immediately canceled if the full quantity is not executed immediately.
For example, if there are coins worth 10,000USDT in the order book and the quantity I want to buy is worth 11,000USDT, the order is immediately canceled because it does not meet the full execution condition.
This applies to both buying and selling, and is one of the less commonly used order options. Generally, IOC or GTC is used more often. Next, let’s take a brief and easy look at how to set GTC IOC FOK.
How to Set GTC IOC FOK
Let’s take the example of Bitget exchange, one of the most popular futures exchanges in South Korea. In the image on the lower right, you can see a button set to ‘GTC’.
Not only Bitget, but all coin futures exchanges generally provide the GTC IOC FOK feature.
Similarly, the Binance exchange’s futures trading page also offers GTC, FOK, and IOC. Like Bitget, the settings are applied automatically when set.
It’s important to note that this option cannot be adjusted while an order is active or in pending, so it needs to be set in advance before placing an order.
How Much is the Fee for GTC IOC FOK?
These three order options are only allowed for limit orders and are applied based on the limit order fee. Using these order options does not incur any additional fees, so you can use them anytime without worry.