Here’s What New Users Need to Know About Trading on the KuCoin Exchange: Part Seven

By Justino | An Angle of Truth | 18 Oct 2021

Bacial Trades

KuCoin supports users to trade on both Website and KuCoin App. If you are a new trader in cryptocurrency, sincerely suggest you can read the instructions in a detailed way first here:

You will enter the trading market. Depending on which tab you click on, you will see different markets. The options are Stable Coin (USDⓈ), Bitcoin (BTC), KCS, ALTS (Includes Ethereum (ETH) and Tron (TRX)) and several popular areas. Not all tokens are paired into every market, and the prices may vary depending on the market you are looking at.

There are 4 types of Bacial Orders of Trade:

1: Limit Order

2: Market Order

3: Stop Limit Order

4: Stop Market Order

  • Limit Order: 

To buy/sell a specified quantity of assets at a specified limit price or better.This involves setting the ideal commission price and quantity.

Example of instruction:

  • Market Order: 

To buy or sell a specified quantity/amount of assets at the best price in the current market. Here, the commission price is not set; only the order quantity or amount is set, and the set quantity or amount after the purchase makes the purchase.

Example of instruction: 

Tip: As it would usually execute immediately in the market order, you cannot cancel the order once you have placed the order. You may check the trading details in “Order History” and “Trade History”. For sell orders, the best orders shown in the buy order book until the funds you want to sell ran out will fill it; for buy orders, the best orders shown in the sell order book until the funds you used to buy tokens ran out will fill it.

The fittest price matches the ‘Market Order’ price in the current trading market, in consideration of the price fluctuation, the filled price to a ‘Market Order’ is matched higher or lower than the current price. Please check the price and amount through on-floor orders before you place a market order.

  • Stop Limit Order: 

To buy or sell a preset quantity of assets at a preset limit price when the latest price reaches the preset trigger price. This includes setting the ideal commission price and quantity, as well as the trigger price.

  • Stop Market Order: 

A “Market Stop-Loss Order” is an order placed to buy a preset quantity/amount of assets at the current market price when the latest price reaches the preset trigger price. For this type, it does not set the commission price, it sets only the trigger price and the order quantity or amount. 

Example of instruction:

‘Stop Order’ upgraded at 15:00:00 to 15:40:00 on October 28, 2020 (UTC+8): In order to improve the utilization of user funds and provide you with better trading experiences, when placing a ‘Stop Loss Order’, the new system will not pre-freeze the assets in your account for the order until it triggers. After the ‘Stop Orders’ activates, the order rules are the same as the rules for ‘Limit Orders’ or ‘Market Orders’, orders might cancel if there are insufficient funds, we suggest you do not ignore these risks in case the ‘Stop Order’ can’t fill because of this.

Advanced Trades

If you plan to place a ‘Limit Order’/’Stop Limit Order’, you can enable the advanced mode function on the website. There are many included functions we will introduce to you one by one.

  • Post-Only

In the advanced mode, you may have a choice in whether to enable the post-only function.

Enabling ‘Post-Only’ will ensure your order enters a buy or sell order. Unless it executes immediately, any part of your order in the selected mode because of its price reaching that of the matching engine cancels. It will charge you liquidity provider fees (i.e., ‘Maker’ fees) upon entry.

If you quit ‘Post-Only’, any tradable part of your order executes immediately, and the corresponding transaction fees (i.e., ‘Taker’ fees) charged. Any remaining part will enter a buy or sell order, and the liquidity provider fees (i.e., ‘Maker’ fees) charge upon entry.

  • Hidden Order

A ‘Hidden Order’ is a limit order, but it is invisible on the order list. Users may click “Hidden” in ‘Limit Orders’ or ‘Stop-limit Orders’ to place it. With this type of order, dealers can hide their intentions.

For example, if the ‘Hidden Order’ mode enables for a limit order with the quantity of 100 (i.e. the displayed quantity will be 0), this order would only be visible in the user’s current order module after he/she places the order, which is not accessible to other users in a buy or sell order. It helps to hide your intentions. However, other users can still check the trading details in ‘Trade History’.

  • Iceberg Orders

An ‘Iceberg Order’ is a ‘Hidden Order’ where a part of the order displays in the public order book. As experienced traders may identify ‘Hidden Orders’, some traders prefer to use an ‘Iceberg’ order to make ‘Hidden Orders’ through an increased number of seemingly regular trades. You can enable ‘Hidden Orders’ by selecting either the ‘Limit Order’ or ‘Stop limit Order’ and then choosing the ‘Hidden’ option and inputting an effective quantity to display.

To enable ‘Hidden Orders’, it requires setting the quantity to display; when such quantity sets to 0, such order type will be a ‘Hidden Order’; when such quantity will be more than the minimum trade quantity but less than the order quantity, such order will be an ‘Iceberg Order’.

Other Tips

A quick understanding about ‘Taker’ & ‘Maker’:

KuCoin uses a ‘Taker - Maker’ fee model for determining its trading fees. Orders that provide liquidity (“maker orders”) charge different fees than orders that take liquidity (“taker orders”).

When you place an order and it executes immediately, it considers you a ‘Taker’ and will pay a ‘Taker’ fee. When you place an order which is not immediately matched to enter a buy or sell order, it considers you a ‘Maker’ and will pay a ‘Maker’ fee.

The user as a ‘Maker’ may pay a lower fee as long as to reach level 2 than the takers.

When you place an order that gets partially matched immediately, you pay a ‘Taker’ fee for that portion. It places the rest of the order to enter a buy or sell order and, when matched, it considers it a ‘Maker’ order, and the ‘Maker’ fee charged.

  • Time in Force:

In the advanced mode, you may choose ‘Time in Force’. This is an order time retention policy, including the following modes:

Good Till Canceled (GTC): it will place this order in the order queue and will remain valid until it fills or canceled.

Good Till Time (GTT): it will automatically cancel this order if it cannot execute it within a fixed time.

Immediate or Cancel (IOC): The tradable part of this order executes immediately, and the remaining part cancels and never enters a buy or sell order.

Fill or Kill (FOK): The entire order executes immediately, otherwise, it will cancel it.

If you quit ‘Time in Force’, Good Till Canceled (GTC) executes by default.

Hop ‘n’ skip on over here for a KuCoin account.

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