1. What is a BBO Order? BBO (Best Bid Offer) refers to the best bid price available, aiming to ensure that traders can execute their trades at the most optimal price. BBO is used to quickly set a1. What is a BBO Order? BBO (Best Bid Offer) refers to the best bid price available, aiming to ensure that traders can execute their trades at the most optimal price. BBO is used to quickly set a
How to Use BBO Orders on MEXC
1. What is a BBO Order?
BBO (Best Bid Offer) refers to the best bid price available, aiming to ensure that traders can execute their trades at the most optimal price. BBO is used to quickly set a limit order price that matches the BBO option. When placing an order using the BBO option, the system automatically selects the matching market quote to execute the order.
On the MEXC platform, the BBO option includes four choices: Counterparty 1, Counterparty 5, Queue 1, and Queue 5.
Counterparty 1: Sets your order price to the best reverse market price. For buy orders, this is the current lowest selling price; for sell orders, it is the highest buying price. If you use Counterparty 1 in a BBO order, you will execute the order as a taker and pay the corresponding fee.
Counterparty 5: Sets your order price to the fifth-best reverse market price. For buy orders, this is the fifth-lowest selling price; for sell orders, it is the fifth-highest buying price. If you use Counterparty 5 in a BBO order, you will execute the order as a taker and pay the corresponding fee.
Queue 1: Sets your order price to the best price in the same direction as your order. For buy orders, this is the current highest buying price; for sell orders, it is the lowest selling price. If you use Queue 1 in a BBO order, the system will automatically charge the corresponding fee based on whether you are a maker or a taker.
Queue 5: Sets your order price to the fifth-best price in the same direction as your order. For buy orders, this is the fifth-highest buying price; for sell orders, it is the fifth-lowest selling price. If you use Queue 5 in a BBO order, the system will automatically charge the corresponding fee based on whether you are a maker or a taker.
Each option represents the position of the price in the corresponding order book at which the order will be executed. For example, if a user selects Counterparty 1 in a BBO order, fills in the quantity, and opens a long position (active buying direction), the order will be executed at the first-tier price on the reverse selling side. If the user opens a short position (active selling direction), the order will be executed at the first-tier price on the reverse buying side.
2. Advantages of BBO Orders
Best Execution Price: BBO orders aim to execute trades at the best available bid and ask prices in the current market, ensuring the most favorable trading price and reducing trading costs for traders.
Faster Execution for Increased Efficiency: BBO orders enable traders to quickly enter the market, helping them capture instantaneous opportunities and reducing execution deviations caused by market fluctuations.
Auto Price Adjustment: The price of a BBO order typically adjusts automatically according to the best bid and ask prices in the market, ensuring that the order is always executed at the best price.
3. How to Use BBO Orders on MEXC
Currently, MEXC has introduced the BBO order option for limit orders in futures trading.
Web
Open the MEXC futures trading page, and click the [BBO] button in the limit order section to start placing a BBO order.
Using the example mentioned earlier, we will use Counterparty 1 to open a long position in BTC futures.
Select [Counterparty 1], enter or adjust the slider to set the quantity, and click [Open Long] to open the BTC futures position.
App
1) Open the MEXC App and tap the [Futures] button at the bottom.
2) On the futures trading page, select [BBO] under the [Limit] order option.
3) Taking the previously mentioned example, choose [Counterparty 1] to open a long position in BTC futures.
4) Enter or slide the button below to set the amount.
5) Click [Open Long] to open the BTC futures position.
4. Differences Between BBO Orders and Limit Orders
Using the example of opening a long position, we will explain the differences between BBO orders and limit orders.
Suppose the current market best selling price for BTC futures is 62,900 USDT. With a limit order, you can set your long entry price at 62,500 USDT and wait for the price to reach this level to successfully open a long position.
If you use a BBO order with Counterparty 1 to go long, the BBO order will select the current best selling price and execute immediately at 62,900 USDT, thereby increasing your trading efficiency.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.
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