What is the difference between good till cancelled and day order for buying cryptocurrencies?

3 answers

• Dec 15, 2021 · 3 years ago
  Good till cancelled and day order are two different types of orders used in cryptocurrency trading. Good till cancelled (GTC) orders remain active until they are filled or manually canceled by the trader. This means that if you place a GTC order to buy a cryptocurrency at a specific price, the order will remain open until the price reaches your desired level or you decide to cancel it. On the other hand, day orders are only valid for the current trading day. If the order is not filled by the end of the day, it will be automatically canceled. So, the main difference is that GTC orders can remain open indefinitely, while day orders are only valid for a single trading day.
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• Dec 15, 2021 · 3 years ago
  When it comes to choosing between good till cancelled and day order, it depends on your trading strategy and goals. If you have a specific price in mind and are willing to wait for the market to reach that price, then a GTC order might be suitable for you. This allows you to set a target price and let the order stay open until it is filled. On the other hand, if you are more active in your trading and prefer to execute orders within a single trading day, then a day order might be more appropriate. It ensures that your order is automatically canceled if it is not filled by the end of the day, allowing you to reassess your trading decisions on a daily basis.
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• Dec 15, 2021 · 3 years ago
  At BYDFi, we recommend using good till cancelled orders for buying cryptocurrencies. This type of order gives you more flexibility and control over your trading strategy. With a GTC order, you can set a specific price at which you want to buy a cryptocurrency and let the order stay open until it is filled. This allows you to take advantage of potential price fluctuations and buy at your desired price. However, it's important to note that GTC orders can remain open for a long time, so you should regularly review and update your orders to ensure they still align with your trading goals.
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