What are maker and taker orders? What does “Maker only” do?
Market makers are people who place new orders on the order book, adding liquidity to the market. Takers are people who place trades that match with these existing orders, taking liquidity out of the market.
Nash charges no fees for maker orders. When placing a limit order, you can specify if you wish your order to be “Maker only” so as to avoid fees.
If you choose the option “Maker only”, your order will never match with any orders already on the book. It will wait for a taker to match with it. If any part of the order would execute immediately (e.g. if you wish to buy for a price above current market price), the entire order will be rejected.
If you do not choose “Maker only”, your order can match as a taker with orders already on the book up to and including the limit price you have entered. Unless you have specified otherwise (“Fill or kill” or “Immediate or cancel”), any unfilled portion of your order will then constitute a maker order on the book.