What is All or None (AON) Orders in Cryptocurrency?
An All or None (AON) order is an order type that stipulates that a buy or sell instruction given by an investor will only be executed if the entire order is filled; otherwise, it will not be executed at all.
Therefore, the order cannot be partially split. If there is insufficient liquidity in the market, the order remains pending or is cancelled when it expires.
All or None (AON) Orders type is particularly used:
- In large-volume transactions
- In situations where partial execution may incur costs
- In scenarios where the net position size needs to be maintained
Key Characteristics of AON Orders
- Does not permit partial execution
- The order remains active until it is fully filled or its time expires
- Typically preferred for large-volume transactions
- Provides full control over position size
- May prevent additional commissions arising from partial transactions
How All or None (AON) Orders Work in Trading
AON orders are typically used in conjunction with limit orders. The investor specifies the price and quantity, and the system operates as follows:
- If the full quantity is available at the specified price level, the order is executed in one go.
- If the full quantity is not available, the order remains pending.
- The order is either executed in full or not at all.
Order Duration Types
Day Order → Automatically expires at the end of the day.
GTC (Good-Til-Canceled) → Remains active until cancelled by the investor.
| Priority | Outcome |
|---|---|
| Fast Execution | Risk of Partial Fill (if AON is not used) |
| Full Position Control | Lower Probability of Execution (if AON is used) |
AON prioritises quantity accuracy over speed.
Where AON Orders Are Accepted (and Where They’re Not)
US stock exchanges:
- New York Stock Exchange
- Nasdaq
- Cboe Global Markets
- Investors Exchange
Due to Regulation NMS, they do not accept AON orders that are visible.
The reason for this is:
Reg NMS requires the immediate display of limit order sizes. AON is considered non-compliant because it limits visibility until the full quantity is formed.
Alternative venues:
- Dark pools
- Broker internal matching systems
- Wholesaler structures
AON vs. FOK vs. IOC Orders
| Order Type | Partial Fill | Duration | Key Feature |
|---|---|---|---|
| AON | No | Waits | Full execution required |
| FOK (Fill or Kill) | No | Immediate | Canceled if not fully filled instantly |
| IOC (Immediate or Cancel) | Yes | Immediate | Fill available portion, cancel the rest |
When to Use All or None (AON) Orders
An AON order offers advantages in the following situations:
- For low-volume stocks
- When taking large positions relative to daily trading volume
- When seeking to avoid paying multiple commissions
- When taking a position of a specific size is mandatory
Advantages of AON Orders
- Positions remain intact
- Enables net risk management
- Can reduce commission costs
Can reduce price slippage
Disadvantages and Risks
- The probability of realisation is low
- There is a risk of missing out on opportunities
- There may be a long wait
- It may be unnecessary for highly liquid assets
All or None (AON) Orders in Cryptocurrency Trading
Cryptocurrency markets:
- Open 24/7
- High volatility
- Liquidity varies by exchange
AON orders for altcoins:
- To acquire a large position in a single transaction
- To minimise price slippage from partial fills
- Can be used to protect position size against manipulation risk
However, not all cryptocurrency exchanges offer AON support. Order types vary by platform.
Using Technical Analysis with AON Orders
AON orders can be a powerful tool at technical levels:
At breakout levels
In support/resistance zones
At pattern targets
For example:
If you wish to take a full 10,000 USDT position at a resistance breakout, you can eliminate the risk of partial entry by using AON.
Applying Fundamental Analysis to AON Strategy
AON orders can also be used in fundamental analysis-based strategies:
- At a specific P/E ratio level
- At the target price after the balance sheet
- At valuation thresholds
Objective: To take a full position at the target price level.
How to Place an AON Order with Your Broker
Some major brokerage firms that support AON:
- Fidelity Investments
- Charles Schwab Corporation
- Interactive Brokers
General Steps:
- Enter the order entry screen
- Select a limit order
- Specify the quantity and price
- Tick the AON option in the ‘Special Instructions’ section
- Select the time type (Day / GTC)
- Confirm
Common Mistakes to Avoid with AON Orders
- Using unnecessary AON on highly liquid stocks
- Setting unrealistic size
- Selecting the wrong order duration
- Failing to check which market it is supported in
Frequently Asked Questions
What is an all or none order?
An All or None (AON) order is an order type that stipulates that an order will only be executed if the entire order is filled in a single transaction. If there is insufficient liquidity, the order will either be queued or cancelled upon expiry. This ensures that the investor does not receive a partial fill, but the transaction may not be executed at all.
When you select the ‘All or None’ option, you are essentially saying:
‘Buy all X shares I entered, do not buy fewer than that.’
If the market can only fulfil part of the order, it will not be executed and will remain pending. This is particularly useful for maintaining position integrity in low-volume stocks.
Where are AON orders not accepted?
US exchanges such as the New York Stock Exchange, Nasdaq, Cboe Global Markets and Investors Exchange do not directly accept AON orders.
Instead, AON transactions may be executed:
- In broker internal systems
- In dark pools
- In alternative trading systems
- On certain foreign exchanges such as the Toronto Stock Exchange
Click for related articles.
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What is Liquidity in Cryptocurrency?
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Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency trading involves risk, and order types like All or None (AON) may not be suitable for all investors. Always consult with a qualified financial advisor and check whether your chosen exchange supports AON functionality. Darkex is not responsible for any trading losses based on the information provided in this article.
