Market makers (Makers) are users who place orders that go into the order book rather than being executed immediately. For example, a limit order to sell 1 BTC at $50,000 will remain in the order book until the price is reached. These orders provide liquidity to the market, making it easier for other traders to buy or sell when conditions are met. Market takers (Takers) are users who execute orders immediately by matching existing orders in the order book. In other words, takers are those who execute orders placed by makers.
- Taker:
If an order is executed immediately before it enters the order book, you are considered a taker. This applies whether the order is filled partially or in full.
Trades made using market orders are always taker orders, as market orders never appear in the order book. These trades "take" liquidity from the order book and are considered taker trades.
Immediate-or-Cancel (IOC) and Fill-or-Kill (FOK) orders are also considered taker orders.
- Maker
When you place an order (such as a limit order) that enters the order book partially or fully, any subsequent trades from that order are considered maker trades.
These orders add liquidity to the order book and help facilitate market making. Therefore, any subsequent execution of such orders is classified as a maker trade.
- Note:
Good-Til-Cancelled (GTC) orders can act as either maker or taker orders.
Using a limit order does not guarantee that your order will be a maker order.
If you want to ensure your order is placed into the order book before execution, select the "Post only" option when placing the order.