Some exchanges and trading platforms offer an order type known as Fill or Kill (FOK). This order type requires that an order be filled in its entirety immediately; otherwise, the order is canceled in full.

It is closely related to the All or None (AON) order type, which requires that an order be either filled completely or not executed at all. However, unlike an FOK order, an AON order does not specifically require immediate execution.

A Fill or Kill (FOK) order is commonly used when traders do not wish to accept partial execution of an order. For example, when they need to complete an order within a specific time frame across different and unrelated markets or exchanges, FOK orders allow them to place multiple orders simultaneously and wait for one of them to be fully executed without the risk of partial fills. Once one order has been completely filled, the trader can cancel all remaining orders.

Example of a Fill or Kill (FOK) Order

Consider the following scenario:

Alice wants to set up an altcoin masternode immediately. One of the requirements for operating the masternode is to hold 1,000 units of the specific cryptocurrency.

If time were not a limiting factor, Alice could place multiple buy orders until she eventually accumulated the required 1,000 units. However, because she wants the masternode to become operational as quickly as possible, she places multiple Fill or Kill (FOK) buy orders for 1,000 units of the altcoin across different exchanges.

This way, Alice will only pay if she acquires the full 1,000 units she needs, allowing her to cancel any orders that are not completely filled.

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What Is a FOK (Fill or Kill) Order?

What Is a FOK (Fill or Kill) Order?