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TRADING GUIDE 03 / Place orders

Propr orders: Market and LimitMarket and limit orders.
Read the panel from the top.

The order panel is arranged from top to bottom as type → direction → size → submit → estimates. Learn the difference between market and limit orders and how to read size units.

At a glance

What is the difference between Market and Limit?

Market orders do not specify a price; Limit orders do. Check the type, direction, size and unit in the order panel. For Limit, also enter Price. Click Place Order to submit.

A summary of this page prepared by this guide.

Related guidesAfter the order: review and close

01

Market versus limit orders

MarketMarket

No specified price

Fills at the prevailing market price. The price you see and the actual fill price may differ.

LimitLimit

Specify a price

Fills at the specified price or better. A marketable price may fill immediately rather than waiting.

02

Read the order panel from the top

Order panel with Market selected
  1. 1
    Order typeSelect a type from the Market menu.
  2. 2
    DirectionBuy / Long is buying; Sell / Short is selling.
  3. 3
    SizeCheck the number and unit together.
  4. 4
    Place OrderClicking submits the order.
  5. 5
    EstimatesOrder value, required margin and fees.
03

Entering a limit order

Limit order example—not submitted
  1. 1
    PriceThe limit price, in a separate field from size.
  2. 2
    WarningA warning that the specified price would fill immediately.
  3. 3
    Value and marginRead Order Value and Margin Required separately.
Limit orders can fill immediately too

A buy price above the current price, or a sell price below it, can fill immediately. If a warning appears, review the price and direction.

04

Size units: USDC and BTC

Use the unit button in the size field to switch between value (USDC) and quantity (BTC). At capture, 100 USDC was shown as 0.00118 BTC.

Before switching (USDC)
  1. 1
    100 USDCEntered as a value.
  2. 2
    EstimateAn estimated BTC quantity appears below.
After switching (BTC)
  1. 1
    0.00118 BTCThe display has switched to quantity.
  2. 2
    EstimateThe estimate below is now in USDC.
Do not read the number alone

An order of “100” differs greatly depending on whether the unit is USDC or BTC. After switching units, also check Order Value.

05

Order panel labels

Screen labelMeaningPoints
Available to TradeAmount available for tradingMay differ from Balance at the top of the account.
Current PositionCurrent positionYour position size in the selected market.
Reduce OnlyReduce onlyA setting restricting an order to reducing an existing position.
Order ValueOrder valueThe value of the entered size.
Margin RequiredRequired marginMargin needed for the order, not a loss limit.
FeesFeesShows taker/maker fee rates.
SlippageSlippageA setting related to the difference between the expected and actual fill prices.
Liquidation PriceLiquidation priceA displayed estimate of the liquidation threshold price.

FAQ

FAQ: Propr Market and Limit orders

Q

How do Market and Limit differ?

AMarket is a market order without a specified price; Limit specifies a price. With Market, the price you see may differ from the fill price.

Q

Does a limit order always wait for a fill?

ANo. A marketable limit price can fill immediately.

Q

Are 100 USDC and 100 BTC the same?

AThey are completely different. USDC is a value; BTC is a quantity. Check the unit and Order Value.

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