Time in force (GTC, IOC, FOK)

Time in force is the rule for how long an order stays live and what happens to any unfilled part. The main options are GTC, IOC and FOK.

How it works

GTC (Good Till Cancelled) stays in the order book until it fills or you cancel it. It is the default for limit orders on most platforms. Some venues still remove very old GTC orders under their own rules.

IOC (Immediate Or Cancel) fills whatever it can right away at your price and cancels the rest. FOK (Fill Or Kill) must fill completely and immediately, or it is cancelled entirely. Brokers also offer others, such as GTD (good till a set date) and Day (until the session ends).

Time in force matters when liquidity is thin or you need an exact size. IOC and FOK leave no forgotten orders in the book, while GTC suits levels price may reach days later.

Example with numbers

The book offers 0.3 BTC at $60,000 and 0.5 BTC at $60,050. You send a limit buy for 0.5 BTC at $60,000. With IOC you buy 0.3 BTC and 0.2 BTC is cancelled. With FOK you buy nothing, because 0.5 BTC is not available at $60,000 right now. With GTC you buy 0.3 BTC and the other 0.2 BTC waits in the book.

Common mistake

A common mistake is forgetting old GTC orders. A week later the market has changed, the order fills at a bad moment, and you end up with a position you no longer wanted. Check your open orders regularly and use IOC or FOK for one-off trades.

Questions and answers

What do GTC, IOC and FOK mean in simple terms?

GTC lives until cancelled. IOC fills what it can right now and cancels the rest. FOK fills the whole amount right now or nothing.

Which time in force should a beginner use?

GTC is fine for normal limit orders, as long as you keep an eye on open orders. IOC and FOK help when you do not want leftovers sitting in the book.

What is the difference between FOK and IOC?

IOC allows a partial fill and only cancels the remainder. FOK does not allow partial fills: it is the full size at once or a cancel.

Time in force (GTC, IOC, FOK)

How it works

Questions and answers

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