What are open orders in Binance and how do they work?

3 answers

• Dec 16, 2021 · 3 years ago
  Open orders in Binance refer to the unfilled buy or sell orders that are currently active on the exchange. When you place an order to buy or sell a cryptocurrency, it goes into the order book and becomes an open order until it gets filled or canceled. Open orders allow traders to specify the price and quantity at which they want to buy or sell a particular cryptocurrency. They are an essential part of trading on Binance as they help match buyers and sellers based on their desired price levels. Once an open order is filled, it becomes a completed trade, and the corresponding cryptocurrency is transferred between the buyer and seller's accounts.
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• Dec 16, 2021 · 3 years ago
  Open orders on Binance work by matching buy and sell orders based on their specified price and quantity. When a buyer places a buy order at a specific price, the exchange looks for a matching sell order at the same or a lower price. If a match is found, the trade is executed, and the buyer's order is filled. Similarly, when a seller places a sell order at a specific price, the exchange looks for a matching buy order at the same or a higher price. If a match is found, the trade is executed, and the seller's order is filled. If there are no matching orders, the open order remains active until it gets canceled or a matching order becomes available. Open orders provide liquidity to the market and allow traders to execute trades at their desired price levels.
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• Dec 16, 2021 · 3 years ago
  Open orders in Binance work similarly to other cryptocurrency exchanges. When you place a buy or sell order, it becomes an open order until it gets filled or canceled. The order book matches buyers and sellers based on their specified price and quantity. Binance offers various order types, including limit orders, market orders, and stop-limit orders, which provide flexibility to traders. Open orders are an integral part of trading on Binance, allowing users to participate in the market and execute trades based on their trading strategies. It's important to monitor your open orders and adjust them as needed to ensure you're getting the desired price and quantity for your trades.
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