COBINHOOD provides two order types at the moment, more types will be launched in the future.
1) Market orders
A market order is a buy or sell order to be executed immediately at the best available price. Market orders will be filled as long as there are willing sellers and buyers, but it is possible for the market price to change just as the order is submitted. For example, when buying, the fill may occur at a slightly lower price than anticipated and the user will end up paying less to receive the same amount. However, a slightly higher price is also possible and the user may end up paying a bit more than expected.
If you want a quick trade and are willing to take the risk (as detailed above), select the Market order type in the order form panel, enter the size of your order in the Amount field, and verify the current Market Price and the Total Price of your order. Once the values are correct, use the Buy or Sell buttons to place a market order at the current market price.
*Market orders cannot be canceled because they are filled immediately.
2) Limit Orders
A limit order is an order to buy or sell at a specific price that is not guaranteed to be executed. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
Choose a Limit order type if you want to set a maximum or minimum price at which you are willing to buy or sell. Enter the size of your order in the Amount field, and then the price in the Price field. The Total Price of your order will also be displayed. Once the values are correct, use the Buy or Sell buttons to place the limit order.
*A limit order may be partially filled and is subject to price adjustments depending on market orders.
3) Stop Orders
A stop order, also known as a stop-market order, is an order to buy or sell once the price reaches a specified price. A buy stop order is entered at a stop price above the current market price. A sell stop order is entered at a stop price below the current market price. A stop order becomes a market order once the set price is reached.
To place a stop order, Select Stop as the order type in the order form panel, and then specify the Amount and Price at which the order should be triggered.
*Stop orders are executed as market orders and may incur slippage.
4) Stop-Limit Orders
A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. There are two prices specified in a stop-limit order: the stop price that will convert the order to a buy/sell order, and the limit price. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
*If the market price is moving quickly, there is no guarantee that the order will be filled.