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 current best price available. As long as there are willing sellers and buyers, market orders will be filled. However, it is possible for the market to change just as you submit your order. In other words, the fill may occur at a slightly lower price than anticipated when buying, and it is also possible that you pay a bit more than expected.
If you want a quick trade and are willing to take the risk (as mentioned above), select Market, which is above the buy/sell buttons, to place a market order at the current market prices. Enter the size of your order in the Amount field and you should also be able to see the current Market Price and the Total Price of your order. Then you can choose to Buy or Sell by clicking the appropriate button.
*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, but it 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.
Select Limit 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, then the price you want to set your order in the Price field. The Total Price of your order will also be displayed. Then you can choose to Buy or Sell by clicking the appropriate button.
*A limit order may be partially filled and is subject to price adjustments depending on market orders.
3) Stop Orders
A stop 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.
To place a Stop Market order, Select Stop then specify the amount and price at which the order should be triggered.
*Stopping 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 this order will be filled.