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OKCoin Futures - Limit vs. Market Orders?

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OKCoin Futures - Limit vs. Market Orders?

Postby Trade » Mon Jan 02, 2017 1:27 am

Does anyone have opinions on using Limit vs. Market Orders for OKCoinFutures?

Are Market prices determined fairly at OKC or do people think they are manipulated?

Trying to decide, thanks.

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Re: OKCoin Futures - Limit vs. Market Orders?

Postby stephan » Mon Jan 02, 2017 10:53 am

Technically the market orders of okcoin are not behaving like normal market orders. Normally if you send out a market order then the orderbook is used to fill this market order. OKCoin has done this differently, it targets the first order in the orderbook and uses it to fill your order. But if the orderbook order is not enough then okcoin transforms the remains into a limit order.

The alternative is to make a fake market order of our own. This can be done by creating a limit order just above or below the current price. As a result this order will be located on the top of the orderbook.

Personally i dislike both methods. When you go in-depth and run a lot of tests then you can see at both solutions the price can walk away and the market order remains (partially) unfilled. This is not good because that is not why somebody wants to use a market order.
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