Immediate or Cancel (IOC)
Order TypesAn order that must be filled immediately. Any portion not filled instantly is cancelled. Unlike fill-or-kill, partial fills are accepted.
What Is an Immediate or Cancel Order?
An Immediate or Cancel (IOC) order requires immediate execution but accepts partial fills. If you place an IOC order for 5 standard Lots of EUR/USD and only 3 lots are available at your price, you receive 3 lots and the remaining 2 are cancelled. No part of the order is left pending.
IOC vs. Fill or Kill
The key difference between IOC and Fill or Kill (FOK) (FOK) is that IOC accepts partial fills while FOK does not. Both require immediate execution. IOC is more flexible: you get whatever is available right now, without any unfilled portion lingering as a pending order that might fill later at a different price.
IOC Orders in Retail Forex
IOC orders are an institutional tool rarely encountered in retail forex. Retail position sizes are small enough that liquidity is almost never an issue for standard Currency Pairs. If you are trading major pairs with a regulated broker, a regular Market Order will fill completely in almost all conditions. IOC functionality may be available on some ECN platforms or through FIX API connections.
Related Terms
Fill or Kill (FOK)
An order that must be filled immediately and in its entirety, or it is cancelled completely. There is no partial fill.
Good Till Cancelled (GTC)
A pending order that remains active until it is either filled or manually cancelled by the trader. There is no expiration date.
All or None (AON)
An order that must be filled entirely or not at all, but unlike fill-or-kill, it does not require immediate execution. The order can wait for full liquidity.