HitBTC product update: Post Only orders
Dear traders,
Today we introduce the new “Post Only” option for limit orders, also known as “Add Liquidity Only” orders.
Usually, traders use Post Only orders to avoid paying the Taker fee and prevent faults of entry, as incorrect orders would fail to be executed.
How it works:
- Upon arrival to the matching engine, a check will be performed to ensure that the Post Only order does not remove liquidity from the order book.
- In case any part of such order matches with a pre-existing order, it is immediately removed before executing.
- Post Only limit order resides in the order book until it is filled as a regular limit order.
In other words, this order type guarantees that the order only brings liquidity to the market, and never removes it.
For example, if a Post Only limit order is placed to sell 1 BTC for 6600 USDT, with the current ask price of 6500 USDT, the Post Only order would be added to order book and executed as a regular Limit order.
If a trader placed a Post Only order to buy 1 BTC for 6600 USDT, with the current bid price of 6500 USDT, the Post Only order immediately expires without execution.
This option is available for Good-Till-Cancelled, Day and Good-Till-Date/Time Limit orders. To create a Post Only order, use a relevant checkbox in Buy/Sell widget.
To view an update in our API documentation, visit https://api.hitbtc.com/#order-model
Happy trading!