MEXC provides several order types.
Users can set a price that they are willing to buy or sell at, and that order is then filled at that price or better. Traders use this order type when price is prioritised over speed. If the trade order is matched immediately against an order already on the order book, it removes liquidity and the taker fee applies. If the trader’s order is not matched immediately against an order already on the order book, it adds liquidity and the maker fee applies.
A market order is an order to be executed immediately at current market prices. Traders use this order type when speed is prioritised over speed. The market order can guarantee the execution of orders but the execution price may fluctuate based on market conditions.
Stop Limit Order
A Limit Order will be placed when the market reaches the Trigger Price. This can be used to stop loss or take profit.
Stop Market order
A stop market order is an order that can be used to take profits or stop losses. They become live when the market price of a product reaches a designated stop-order price and is then executed as a market order.
For example, a trader who buys over 2,000 long positions at the price of $8000 would like to take their profits when the price reaches $9000 and cut their losses when the price reaches $7500. They can then place two stop market orders, which will be automatically triggered at the market price the moment the < $7,500 or > $9,000 preconditions are met.
The stop market order may result in some slippage but it will ensure that the order is always filled.
A trigger-limit order is an order type that automatically converts limit orders into an order based on market conditions. Unlike a market order or a limit order, the trigger-limit order will not be directly executed, but only be realized when the trigger condition takes effect. This means that the maker fee will apply.
The advantage of trigger-limit orders may limit slippage but there is a possibility that some orders will never complete because the market price of the product first has to meet the preconditions set by the trader and also fulfill the limit order price.