Orders

An order is an instruction to buy or sell currency and has a price (per coin) and amount (of coin). As explained here, the order book shows the orders that are waiting to be filled.

Order Types

There are two order types supported on CornuEx:

• Market
• Limit

Market

A market order executes immediately against the best prices available in the order book. As long as there are willing sellers and buyers, market orders are immediately filled. A market buy will immediately match against the cheapest sell orders and a market sell will immediately match against the most expensive buy orders.

These orders are used when the quick buying or selling of currency is more important than the price of the order. For this reason, market orders only specify an amount, and does not specify a price.

Limit

A limit order allows the trader to specify the price and amount that they would like to buy or sell at.

Filling Orders

An order is filled once a matching trade is made, as explained in the following examples using the ZAR/RNC exchange:

• A buy order with a price of 400 ZAR per coin will be filled once there are sell orders that sell coins at 400 ZAR or less. If the cheapest sell order has a price over 400 ZAR, the buy order will not be filled.
• A sell order with a price of 400 ZAR per coin will be filled once there are buy orders that buy coins at 400 ZAR or more. If the most expensive buy order has a price under 400 ZAR, the sell order will not be filled.
• If a buy order for an amount of 20 RNC is matched by a sell order of 10 RNC, the buy order will be partially filled with 10 RNC remaining. Sell orders are partially filled in the same way.