Here’s a more detailed and user-friendly explanation of each Time in Force (TIF) option, with practical examples so it’s clearer how they behave in real trading situations:
GTC (Good-Till-Cancelled)
A GTC order stays active indefinitely until one of two things happens:
It is fully filled, or
You manually cancel it
How it works in practice:
If you place a buy order for 1 BTC at a lower price than the current market, it will sit in the order book and wait. It could be filled minutes, hours, or even days later—there is no automatic expiry.
When it’s useful:
You want to wait for a specific price level
You’re not in a rush for execution
You’re setting longer-term limit orders
GTD (Good-Till-Date)
A GTD order remains active only until a specific date and time that you choose. If it hasn’t been filled by then, it will automatically expire.
How it works in practice:
You set a limit order today and choose it to expire tomorrow at 15:00. If the market never reaches your price by that time, the order is automatically cancelled.
When it’s useful:
You have a time-based trading plan
You want exposure to a price level, but only for a limited window
You want to avoid leaving “forgotten” orders in the market
IOC (Immediate-Or-Cancel)
An IOC order must execute immediately and accepts partial fills, but any portion that cannot be filled instantly is cancelled.
How it works in practice:
If you place an IOC order to buy 10 ETH:
If only 6 ETH is available at your price right away → 6 ETH is filled
The remaining 4 ETH is cancelled immediately
When it’s useful:
You want fast execution but don’t require the full amount
You’re trading in fast-moving markets
You want to capture available liquidity without waiting
FOK (Fill-Or-Kill)
A FOK order must be filled in full immediately, or it is completely cancelled. Partial fills are not allowed.
How it works in practice:
If you place a FOK order to buy 10 ETH:
If 10 ETH is available instantly at your price → the entire order executes
If even 1 ETH is missing → the whole order is cancelled
When it’s useful:
You only want the full position, not partial exposure
You need certainty of full execution or none at all
You’re executing precise trading strategies
Quick summary
GTC: Stays active until filled or cancelled manually
GTD: Stays active until a specific time/date
IOC: Fills immediately what it can, cancels the rest
FOK: All-or-nothing immediate execution