To place an order on the order book, a trader must have an available balance of the relevant asset in their holdings to cover the total value of the order plus any applicable fees.
There are three types of orders: Limit, Market Orders and Stop Limit Orders (Conditional)
A Limit Order is the most common way users trade coins between each other and allows a user to trade a specified quantity of an asset at a specified rate or better. A buy order will only be filled at or below the limit price. A sell order will only be filled at or above the limit price. Once someone else agrees to those values and places their side of the order, the funds will successfully trade between the two accounts.
A Market Order is an order to buy or sell an asset, immediately at the best available price. Before placing your first market order understand that your market order will be placed at the top of the order book, and the price at which a market order will execute often deviates from the last-traded price or “real time” quote.
Once the market reaches your trigger price, a limit order will be created and placed into your open orders to be filled. *Limit order placed only if you have sufficient balance when triggered.
Despite deviation between the "real time" quote and the actual trade price, all trades are final.
Coming Soon: A Stop Limit Order, which can also be called a Conditional Order, tells the system to place a limit order once a specific condition is met. If the criteria are not met, the order will not be filled. 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. *Please be aware that conditional stop limit orders are placed only after the specified price (trigger) is reached. Bittrex's Stop Limit Orders offer an advantage over those offered by many other exchanges in that they do not reserve balance. As a result, there is no guarantee that an order will get filled at the expected price as once the trigger is met, there must be sufficient funds in the customer's wallet. Learn more information about how to create Stop Limit (Conditional) Orders here.
Trading fees are incurred when an order is filled by the Bittrex matching engine. When an order executes, the buyer and the seller are each charged a fee based on the total price of the executed order. There are no fees for placing an order which does not execute. Any portion of an order that has not executed will be refunded fully upon the cancellation of the order.
Please see our full article here for more information.