What is the difference between limit and market orders on Binance?

3 answers

• May 24, 2022 · 3 years ago
  A limit order is an order to buy or sell a cryptocurrency at a specific price or better. When you place a limit order, you set the price at which you are willing to buy or sell, and the order will only be executed if the market reaches that price. This gives you more control over the price you get, but there is a risk that your order may not be filled if the market does not reach your specified price.
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• May 24, 2022 · 3 years ago
  On the other hand, a market order is an order to buy or sell a cryptocurrency at the best available price in the market. When you place a market order, your order will be executed immediately at the current market price. Market orders provide certainty of execution, but you may not get the exact price you see at the moment of placing the order, especially in volatile markets.
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• May 24, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, limit orders are commonly used by traders who want to set a specific price at which they are willing to buy or sell. Market orders, on the other hand, are often used by traders who want to execute their orders quickly and are less concerned about the exact price they get. Both types of orders have their advantages and disadvantages, so it's important to understand how they work and choose the one that best suits your trading strategy.
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