Spot trading lets you exchange cryptocurrencies with other buyers and sellers at your preferred price points. To execute these trades effectively, it's crucial to understand the different types of trade orders available.
The three basic orders are the following:
- Market
- Limit, and
- Stop- Limit
Let's explore each type:
1. Market Orders
A Market order is an order placed to immediately buy or sell at the best available price. Market orders take prices from the existing limit orders on the order book.
If you want to buy or sell instantly at the current market price, setting a Market order is your best option.
2. Limit Orders
A Limit order is an order you place on the order book with a specific limit price. It will only be executed if the market price reaches your limit price (or better).
You may use limit orders to buy an asset at a lower price (Limit Buy orders) or sell at a higher price than the current market price (Limit Sell orders).
3. Stop- Limit Orders
A Stop-Limit order is a limit order that has a limit price and a stop price. When the market price reaches your stop price, the limit order will be placed on the order book with the limit price you set. Once the limit price is reached, the limit order will be executed.
These order types can be found on the lower section of the Spot Trade page, below the charts.
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