What is Maker?
When you place an order that goes on the order book partially or fully, such as a limit order, any subsequent trades coming from that order will be as a “maker.”
These orders add volume to the order book, helping to "make the market," and are therefore termed the "maker" for any subsequent trades.
What is Taker?
When you place an order that trades immediately before going on the order book, either filling partially or fully, those trades will be "taker" trades.
Trades from Market orders are always Takers, as Market orders can never go on the order book. These trades are "taking" volume off of the order book, and therefore called the "taker."
Differences Between Maker Orders and Taker Orders
Maker Orders:
- Orders that enter the order book and fill up the liquidity inside the order book before execution.
- 0.0300% Trading Fee
- Limit Orders Only
Taker Orders:
- Orders that execute immediately by taking liquidity out from the order book.
- 0.0500% Trading Fee
- Can be either Market or Limit Orders