What Is a Fill or Kill Order?
A fill or kill (FOK) order is an order type that requires a trade to be executed immediately and completely, or else cancelled. There is no room for a partial fill or a delay: either the whole order is filled at once at the specified terms, or it is cancelled entirely. FOK orders are used when a trader needs certainty that the full quantity is executed straight away.
How a Fill or Kill Order Works
When a FOK order is submitted, the platform checks whether the entire quantity can be filled instantly at the required price. If it can, the order executes in full. If it cannot, the order is cancelled and nothing is executed. This all-or-nothing, immediate condition distinguishes it from ordinary orders that may fill in parts over time.
FOK Compared With Similar Orders
| Order Type |
Fill Requirement |
Timing |
| Fill or kill (FOK) |
Entire order at once |
Immediate or cancelled |
| Immediate or cancel (IOC) |
Partial fill allowed |
Immediate, remainder cancelled |
| All or none (AON) |
Entire order |
No immediate requirement |
When a FOK Order May Not Suit
Because a fill or kill order demands the full quantity immediately, it is often cancelled in markets where liquidity is limited or the price is moving quickly. Relying on FOK for a large order can mean repeated cancellations if the size cannot be matched at once. Choosing between FOK and more flexible order types depends on whether certainty of full execution or the chance of a partial fill matters more.
The Purpose of Fill or Kill Orders
The fill or kill order suits situations where a trader needs the entire position executed instantly or not at all, avoiding partial exposure. Understanding how it differs from IOC and AON orders helps traders select the right instruction for their needs. On VT Markets platforms, a range of order types supports different execution requirements.
Risk Warning:Trading CFDs involves significant risk and may not be suitable for all investors. Losses can exceed your initial deposit. Please ensure you fully understand the risks involved before trading.
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