Conditional Orders allow users to instruct the system to place an order when the market price of a coin has moved past a given value. Some common use cases of this feature include limiting losses when prices drop, taking your profits when prices rise, or entering a market at a desired price.
Bittrex’s Conditional Orders offer an advantage over those offered by many other exchanges in that they do not reserve balance. This is advantageous because it allows users to pursue more additional trading strategies that would otherwise not be possible. For example, this allows the creation of a bracket: a pair of conditional orders which will sell a coin when either the price drops or the price rises. It also allows users to place more speculative Conditional Orders across different markets.
⚠️ Warning: Additional care must be taken when working with Conditional Orders because balance is not reserved. If you create a Conditional Order costing an amount in excess of your account balance for a currency or if your account balance drops due to other trades subsequent to you placing a Conditional Order there is a risk that you will not have enough balance available to place the order when the Conditional Order’s condition is met. If this occurs, placement of the order will fail. Users should take extreme caution to ensure their essential Conditional Orders are set to quantities in line with their available balances.
To place a Conditional Order, click on the drop-down arrow under ORDER TYPE and select Stop Limit.
Conditional Orders allow a user to set a TRIGGER price and CONDITION ‘Greater Than Or Equal To’ or ‘Less Than Or Equal To’.
The order will be placed on the order book when a coin’s price meets the CONDITION ‘Greater Than Or Equal To’ or ‘Less Than Or Equal To’ of the specified TRIGGER price.
The user will also need to specify a QUANTITY and Limit Price. QUANTITY is the amount of coins that you are willing to BUY or SELL. Limit Price is the price at which you are willing to BUY or SELL a coin. QUANTITY and Limit Price are two parameters that will go on the order book.
TOTAL is the total price of your order including Bittrex’s 0.25% commission. For an explanation of TIME IN FORCE please refer to the following article:
Conditional Orders are stored separately from the order book on a “not held” basis. User can see their open Conditional Orders that have not been placed on the order book yet under MY OPEN CONDITIONAL ORDERS.
Once the conditions of the order are met, the order will be placed on the order book. However, the time and price of execution are not guaranteed. In a quickly moving market, the price may change significantly between when the trigger condition is met, and the resulting order is placed.
There is a risk that, due to a user or system error, placement of the order will fail once the trigger condition is met and not be executed.
Once a condition has been met, whether placement of the order is successful or not, the order placement will not be triggered again.
After your order has been executed it will appear under MY CONDITIONAL ORDER HISTORY.
Remember, Conditional Orders on our platform differ from many others in that they do not reserve balance. This means that if you are making other trades with the same currency you used to place a Conditional Order there is a risk that you may not have enough balance available to place the order when the condition is met. If this occurs, placement of the order will fail. Users should take extreme caution to ensure their essential Conditional Orders are set to quantities in line with their available balances.
Users concerned about the risks involved in Conditional Orders should consider using a traditional limit order instead.