What is a limit order and how does it work on Binance?

3 answers

• Nov 23, 2021 · 3 years ago
  A limit order is a type of order placed by a trader on a cryptocurrency exchange, such as Binance, to buy or sell a specific cryptocurrency at a specified price or better. When placing a limit order, the trader sets the price at which they are willing to buy or sell the cryptocurrency. If the market price reaches the specified price, the limit order is executed. If the market price does not reach the specified price, the limit order remains open until it is either canceled or the market price reaches the specified price. This allows traders to have more control over their trades and potentially get a better price for their desired cryptocurrency. It's important to note that there is no guarantee that a limit order will be executed, as it depends on market conditions and liquidity.
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• Nov 23, 2021 · 3 years ago
  A limit order on Binance works by allowing traders to set their own price for buying or selling a cryptocurrency. For example, if a trader wants to buy Bitcoin at a specific price, they can place a limit order with that price. If the market price reaches or goes below the specified price, the limit order will be executed. Similarly, if a trader wants to sell Bitcoin at a specific price, they can place a limit order with that price. If the market price reaches or goes above the specified price, the limit order will be executed. This gives traders more control over their trades and allows them to potentially get a better price. However, it's important to note that there is no guarantee that a limit order will be executed, as it depends on market conditions and liquidity.
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• Nov 23, 2021 · 3 years ago
  At BYDFi, we understand the importance of limit orders on Binance. A limit order is a powerful tool that allows traders to set their desired price for buying or selling a cryptocurrency. It gives traders more control over their trades and allows them to potentially get a better price. When placing a limit order on Binance, traders can specify the price at which they want to buy or sell a cryptocurrency. If the market price reaches the specified price, the limit order will be executed. If the market price does not reach the specified price, the limit order will remain open until it is either canceled or the market price reaches the specified price. This feature is especially useful for traders who want to take advantage of specific price levels or have a specific target in mind for their trades. However, it's important to note that there is no guarantee that a limit order will be executed, as it depends on market conditions and liquidity.
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