How does a GTC order work in the context of cryptocurrency trading?

3 answers

• May 01, 2022 · 3 years ago
  A GTC order is a type of order that remains active until it is either executed or canceled by the trader. In the context of cryptocurrency trading, a GTC order allows traders to set a buy or sell order at a specific price, which will remain open until it is filled or manually canceled. The advantage of using GTC orders is that they provide flexibility and convenience, as traders don't need to constantly monitor the market and manually place orders. However, the main disadvantage is that GTC orders may remain open for a long time, which means that the trader's funds will be tied up until the order is executed or canceled.
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• May 01, 2022 · 3 years ago
  GTC orders are commonly used by traders who have a specific price target in mind and want to automate their trading strategy. For example, if a trader believes that the price of a particular cryptocurrency will reach a certain level, they can set a GTC order to buy or sell at that price. This allows them to take advantage of potential price movements without having to constantly monitor the market. However, it's important to note that GTC orders are not guaranteed to be executed immediately, as they are subject to market conditions and liquidity.
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• May 01, 2022 · 3 years ago
  In the context of cryptocurrency trading, BYDFi offers GTC orders as a feature for its users. With a GTC order on BYDFi, traders can set their desired buy or sell price and the order will remain active until it is filled or manually canceled. This feature provides convenience and flexibility for traders who want to automate their trading strategy and take advantage of potential price movements. However, it's important for traders to carefully consider the risks and advantages of using GTC orders, as they may not be suitable for all trading strategies or market conditions.
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