Time in Force: A special instruction used when placing an order to indicate how long it will remain active before it is executed or expires.

The majority of active traders use Limit Orders to control the price paid or received on an exchange. Limit Orders guarantee the order execution at a specific pre-set price. TIF are time parameters that traders can select placing a Limit Order on BTCMEX. Explore the Order Types available on BTCMEX in the official Trading Guide.

Limit Orders have several TIF options: Good till Cancelled (GTC), Immediate or Cancel (IOC), and Fill or Kill (FOK).

Good till Canceled (GTC) is an instruction to keep the order active until it’s filled or canceled by a trader.

For example, a trader wants to buy 100 contracts at a BTC/USD 8,000 price, but there are only 70 contracts available to be matched with at the desired price. 70 contracts will be bought immediately, while the position with the remaining 30 contracts will stay open until filled of canceled by the trader.

Immediate or Cancel (IOC) is an instruction to cancel any portion of the order that cannot be filled immediately at the order price or better.

A trader wants to buy 100 contracts at a BTC/USD 8000 price immediately, but there are only 70 contracts available to be matched with at the desired price. The position will be filled partially. 70 contracts will be filled, while 30 will be canceled.

Fill or Kill (FOK) is an instruction to fill the entire order immediately at the order price or better, or it will be canceled.

A trader wants to buy 100 contracts at a BTC/USD 8,000 price immediately, but there are only 70 contracts available to be matched with at the desired price. In this case, the entire FOK order will be canceled.

As Time in Force regulates time parameters on BTCMEX, it can not be applied to Market Orders, which are executed immediately.

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