What is a Limit IOC order?
IOC stands for Immediate Or Cancel. A Limit IOC order requires all or part of the order to be executed immediately, and any unfilled parts of the order are canceled. With this order type partial fills are accepted, unlike the ‘Fill or Kill’ aka (FOK) which must be fully filled or canceled. More information about the FOK order will be covered in a separate article.
When is a Limit IOC order typically used?
A Limit IOC order is an advanced order type most commonly used when you want to sell or buy at a specific price, and only that specific price. For example, if you want to buy 1 BTC at 6000usd, if price reaches 6000 and there is only one seller with half a BTC you will only get .5 BTC and the rest of the order gets cancelled unlike the regular limit order where it wouldn’t.
Therefore, make sure to consider all the pros and cons of this order type before placing it.