All or None Order (AON)

An "All or None Order (AON)" is a type of order in cryptocurrency trading where the entire order must be filled entirely, or not at all. In other words, if the exchange cannot fulfill the entire order at once, it will cancel the order entirely rather than executing a partial fill.

For example, let's say a trader wants to buy 100 Bitcoin using an AON order. If there are not enough sellers to fulfill the entire order at the specified price, the order will be canceled, and the trader will not receive any Bitcoin.

Similarly, if a trader wants to sell 50 Ethereum using an AON order, but there are not enough buyers willing to purchase the entire amount, the order will be canceled, and the trader will not sell any Ethereum.

AON orders are useful for traders who want to ensure they either buy or sell the full amount of their intended transaction, without accepting partial fills. However, they may also face the risk of their orders not being executed if there is not enough liquidity in the market to fulfill the entire order at once.