Keywords: limit order, market order, trigger order, trailing stop order, post only, TP/SL

1) Limit Orders

1. What is a limit order?
A limit order refers to buying or selling at a specific (or better) price. When the market price aligns with the user's expectation, the system will fill the order at the best price within the limit range.
(1) When submitting a limit order, if there are orders in the order book at the same or more favorable prices, the limit order will be filled immediately at the current best available price. When an order is filled, it consumes liquidity in the market. For this reason, a taker fee will be charged.
(2) When submitting a limit order, if there are no orders in the order book at the same or more favorable prices, the limit order will enter the queue and wait to be filled. As this enhances market depth, once the order is filled, investors will receive a trading fee discount and collect a maker fee.

Limit order is subject to price restrictions. The order price cannot exceed 10% of the average mark price in the past 5 minutes (Different trading pairs may vary, please refer to the pop-up notification).  For orders in process, if the order price deviates from the mark price by 10% for more than 7 days, the order will be automatically canceled.

2. Why hasn't my order been filled even though the last price has reached the price I set for my limit order?
A limit order will only be filled when there are matching orders in the order book that are either equal to or better than the order price you've set. You need to wait for a counterparty to submit an order at the price you've specified for the match to occur. It is suggested you decide, based on your own risk assessment, whether to continue waiting for the order to be filled or to cancel it.

3. Why was my order filled even though the last price didn't reach the price I set for my limit order?
A limit order will be filled immediately at the order price or better. If the last price is more favorable than the order price you set, it will trigger an immediate fill. For example, if the last price for BTC/USDT is 7,300 USDT and you set a limit order to go long at 7,350 USDT, the system will fill the order immediately at 7,300 USDT. This is because buying at 7,300 USDT is more favorable than buying at 7,350 USDT.

2. Market Order

1. What is a market order?
A market order is when traders don't need to set a specific price themselves. The order will be filled at the best available price in the order book, ensuring a swift fill. If the order amount is large, it will be matched with multiple orders in the order book until the entire order is filled, thereby resulting in "slippage."
Please note: To manage trading risks for users, the system has protective measures to limit the fill price range of market orders. When a market order is filled, the price can deviate by up to 2%. Any portion that exceeds this limit won't be filled, and the system will automatically cancel the order.
Market orders ensure speed of execution but don't guarantee the filled price. In situations of market volatility or insufficient depth, significant slippage might occur.

2. When would you use a market order?
When investors need to quickly latch onto market trends and want to buy the rallies and sell the dips, they generally use market orders.

3. Trigger Order

1. What is a trigger order?
A trigger order is when, upon the market price reaching the trigger price, the system automatically places an order according to the preset order price and size. Currently, it supports the use of "Mark Price", "Index Price", or "Last Price" as the basis for price triggering.

2. Do trigger orders freeze the margin?
Before a trigger order is triggered, neither the margin nor the position is frozen. Once triggered, the order might be subject to limitations such as price restrictions, margin, position size, and other factors. Therefore, the successful execution of the order is not guaranteed.

3. How can we ensure that the trigger order is filled at the preset price?
It is recommended to use the BingX Guaranteed Price exclusive feature. When creating a trigger order, by enabling this option, you can ensure that your position is filled at the preset price, thereby achieving zero slippage. BingX will bear the risk of slippage on your behalf. Currently, this feature is open to all trading pairs. For a more detailed explanation of this feature, please refer to: Perpetual Futures | Exclusive Guaranteed Price Launched to Prevent Slippage Losses

4. Trailing Stop Orders

Trailing stop orders allow users to set orders within a specific percentage price range of the market price during market fluctuations. When the market moves in a favorable direction for the investor and reaches their desired trigger price, the trailing order automatically initiates an open position on their behalf.

5. Post Only Orders

6. TP/SL

1. What is TP/SL?
TP/SL are common strategies in futures trading where users can preset the trigger price and order price. When the market price reaches the trigger price, the system will automatically place an order at the preset order price. Users can make use of this to close the positions at their TP/SL price. TP/SL orders will freeze the user's margin or position.
(1) Trigger price: When the market price reaches the preset trigger price, the TP and SL are activated. Currently, it supports the use of "Mark Price", "Index Price", or "Last Price" as the basis for price triggering.

(2) Order Price: This is the price at which the order will be placed in the market once triggered. When "Market" is selected, once triggered, the order will be filled immediately at the best available market price. (In extreme market conditions, it might not fill immediately.)

(3) TP Trigger Price/SL Trigger Price: When selling, the TP trigger is higher than the last filled price, while the SL trigger is lower than the last filled price. When buying, the TP trigger is lower than the last filled price, and the SL trigger is higher than the last filled price.

2. How do you set a TP/SL?
Scenario 1: Before opening a limit order, market order, or trigger order, you can set up a TP/SL price. Once the order is fully filled, the corresponding TP/SL orders will be created.
Scenario 2: If you set a TP/SL price for an existing position, the corresponding TP/SL orders will be created immediately.

3. Will placing TP/SL orders freeze my position?
The settings for TP and SL orders apply only to existing positions. Therefore, the corresponding position quantity will be frozen. You can modify the TP price, SL price, and order quantity on the TP/SL setting page. For more FAQs about TP/SL, please refer to: Perpetual Futures | FAQ on TP/SL.

4. How can we ensure that the SL order is filled at the preset price?
We recommend you use BingX's exclusive Guaranteeed Price feature. When setting the SL, enable the Guaranteed SL to ensure that your position will be filled at the preset price, thereby achieving zero slippage. BingX will bear the risk of slippage on your behalf. Currently, this feature is open to all trading pairs. For more information, please refer to: Perpetual Futures | Exclusive Guaranteed Price Launched to Prevent Slippage Losses.