How long is the validity period of BitFlyer's order?

BitFlyer's order types include market, limit, stop, GTC, IOC, and FOK orders, each with specific validity periods ranging from instant execution to no expiration.

Apr 20, 2025 at 07:43 am

BitFlyer, one of the leading cryptocurrency exchanges in Japan, offers various types of orders to its users. Understanding the validity period of these orders is crucial for effective trading. This article delves into the specifics of BitFlyer's order validity periods, covering different order types and their respective durations.

Understanding BitFlyer's Order Types

BitFlyer supports several types of orders, each with its own set of rules and validity periods. The main types include market orders, limit orders, and stop orders. Each of these order types serves a different purpose and has a different duration for which it remains active.

Market Orders on BitFlyer

Market orders are executed immediately at the best available price in the market. Since these orders are designed for instant execution, they do not have a validity period. Once a market order is placed, it is either filled completely or partially, depending on the available liquidity. If the order cannot be filled entirely, the remaining portion is canceled.

Limit Orders and Their Validity

Limit orders allow traders to specify the price at which they want to buy or sell a cryptocurrency. These orders are not executed immediately but remain active until they are filled or canceled. On BitFlyer, limit orders have a default validity period of 24 hours. However, users can choose to set a different validity period, ranging from a few minutes to several days, depending on their trading strategy.

To set a custom validity period for a limit order on BitFlyer, follow these steps:

• Log in to your BitFlyer account.
• Navigate to the trading section and select the cryptocurrency pair you wish to trade.
• Choose the "Limit Order" option.
• Enter the desired price and quantity.
• Click on the "Validity" dropdown menu and select the desired duration (e.g., 1 hour, 1 day, etc.).
• Review your order details and submit the order.

Stop Orders and Their Duration

Stop orders, also known as stop-loss or take-profit orders, are triggered when the market reaches a specified price. Once triggered, a stop order becomes a market order and is executed at the best available price. The validity period of a stop order on BitFlyer is similar to that of a limit order, with a default setting of 24 hours. Users can also customize the validity period of stop orders to suit their trading needs.

To set a stop order with a custom validity period on BitFlyer, follow these steps:

• Log in to your BitFlyer account.
• Go to the trading section and select the cryptocurrency pair you want to trade.
• Choose the "Stop Order" option.
• Enter the stop price and the quantity you wish to trade.
• Click on the "Validity" dropdown menu and select the desired duration.
• Review your order details and submit the order.

Good 'Til Cancelled (GTC) Orders

BitFlyer also offers Good 'Til Cancelled (GTC) orders, which remain active until they are either filled or manually canceled by the user. Unlike limit and stop orders with fixed validity periods, GTC orders do not expire after a set time. This feature is particularly useful for traders who want to set long-term buy or sell orders without worrying about the order expiring.

To place a GTC order on BitFlyer, follow these steps:

• Log in to your BitFlyer account.
• Navigate to the trading section and select the cryptocurrency pair you want to trade.
• Choose the "Limit Order" or "Stop Order" option.
• Enter the desired price and quantity.
• Click on the "Validity" dropdown menu and select "Good 'Til Cancelled."
• Review your order details and submit the order.

Immediate or Cancel (IOC) Orders

Immediate or Cancel (IOC) orders are another type of order available on BitFlyer. These orders are designed to be filled immediately, and any portion of the order that cannot be filled is canceled. IOC orders do not have a validity period since they are either filled instantly or canceled.

To place an IOC order on BitFlyer, follow these steps:

• Log in to your BitFlyer account.
• Go to the trading section and select the cryptocurrency pair you want to trade.
• Choose the "Limit Order" option.
• Enter the desired price and quantity.
• Click on the "Validity" dropdown menu and select "Immediate or Cancel."
• Review your order details and submit the order.

Fill or Kill (FOK) Orders

Fill or Kill (FOK) orders are similar to IOC orders but with a stricter condition. FOK orders must be filled entirely and immediately, or they are canceled. Like IOC orders, FOK orders do not have a validity period since they are either filled completely or canceled right away.

To place an FOK order on BitFlyer, follow these steps:

• Log in to your BitFlyer account.
• Navigate to the trading section and select the cryptocurrency pair you want to trade.
• Choose the "Limit Order" option.
• Enter the desired price and quantity.
• Click on the "Validity" dropdown menu and select "Fill or Kill."
• Review your order details and submit the order.

Frequently Asked Questions

Q: Can I modify the validity period of an existing order on BitFlyer?

A: Yes, you can modify the validity period of an existing order on BitFlyer. To do so, go to the "Open Orders" section, find the order you wish to modify, and click on the "Edit" button. From there, you can adjust the validity period and submit the changes.

Q: What happens if a limit order is not filled within its validity period on BitFlyer?

A: If a limit order is not filled within its validity period, it will be automatically canceled by BitFlyer. You will need to place a new order if you still wish to execute the trade.

Q: Are there any fees associated with canceling an order on BitFlyer?

A: No, BitFlyer does not charge any fees for canceling orders. You can cancel your orders at any time without incurring additional costs.

Q: Can I place orders with different validity periods simultaneously on BitFlyer?

A: Yes, you can place multiple orders with different validity periods at the same time on BitFlyer. This allows you to manage your trading strategy more effectively by having various orders active with different expiration times.