What is an immediate-or-cancel (IOC) order?
In one line: An immediate-or-cancel order fills as much as it can right away at your price or better, then cancels whatever is left unfilled.
How it works
IOC is a Time in force setting. It tells the broker: "Take what you can get at my price, this instant. Don't leave anything waiting."
Two outcomes are possible:
- Some or all of the order fills right away.
- Whatever didn't fill is canceled, not left sitting on the book.
A simple example
You want to sell 1,000 units of a coin at $2.50 or better. You send a sell Limit order marked IOC.
Buyers waiting right now:
| Price | Units wanted |
|---|---|
| $2.52 | 300 |
| $2.50 | 350 |
| $2.48 | 900 |
At $2.50 or better, buyers want 650 units. So 650 sell (300 at $2.52 and 350 at $2.50). The other 350 are canceled. The buyers at $2.48 are ignored, because they're below your limit.
Why it matters
IOC is a way to take what's there without leaving a trail. A normal limit order would leave the unfilled 350 waiting. It might fill later, at a moment you're not watching. IOC ends the order cleanly.
It also caps your price. Unlike a Market order, it won't chase down to $2.48 or lower. That limits Slippage in a thin market.
IOC vs fill or kill
The difference is one rule. IOC accepts a Partial fill. Fill or kill doesn't: it's the full amount or nothing. In the example above, a fill-or-kill order would have sold zero.
A common mistake
Forgetting what didn't fill. After an IOC order, check your position size. You may hold less than your plan said. That changes your risk. A Stop loss meant for 1,000 units now covers 650, so re-check the numbers with the position size calculator.
Questions
What does IOC mean in trading?
IOC stands for immediate or cancel. The order fills whatever it can at once, at your price or better, and the rest is canceled.
Do stock brokers offer IOC orders?
Many do, often in an advanced order menu. Crypto exchanges commonly list it as a time-in-force choice. Check your platform's order ticket.
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