Orders

Order Types

COVO supports several order types.

Market

This order executes at the best available market price.

Limit / Stop

Limit or stop orders are orders that are triggered at the submitted price. If the market guarantees the trigger order price, your order will be executed at the submitted price. Otherwise, it will be executed when your trigger price is reached at the best available market price, which may be better or worse than your trigger price.

Take-Profit / Stop-Loss

You can set a take-profit or stop-loss to execute against any active position simply by submitting a limit or stop order in the opposite direction and selecting Reduce-Only. Learn more.

Reduce-Only

A reduce-only order will only execute to reduce an existing position. It will never add to a position or create new position. Any portion of a reduce-only order that doesn't reduce an existing position will be cancelled. Reduce-only orders do not require margin to submit.

Protected

A protected order is a market order with a price. It will execute only if the execution price is better than your submitted price. Otherwise, it will be cancelled.

One-Cancels-the-Other (OCO)

When submitting an order, you can set the order ID of an existing order you want to cancel when your current order executes.

Expiry

When submitting an order, you can set an expiry time to automatically cancel the order once that time has passed. By default and as a maximum, market orders expire after 30 minutes and trigger orders expire after 180 days.