How does open order work in cryptocurrency trading?

3 answers

• Nov 24, 2021 · 3 years ago
  Sure! When you place an open order in cryptocurrency trading, you are essentially placing an order to buy or sell a specific cryptocurrency at a specific price. This order remains open until it is either filled or canceled. If the price reaches the level you specified, the order will be executed automatically. If not, it will remain open until the conditions are met or you manually cancel the order. Open orders allow traders to set their desired price levels and take advantage of potential price movements without constantly monitoring the market.
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• Nov 24, 2021 · 3 years ago
  Open orders in cryptocurrency trading work similarly to placing an order in a restaurant. You choose what you want to buy or sell, specify the price you are willing to pay or accept, and wait for the order to be fulfilled. It's like telling the waiter what you want and at what price, and they will bring it to you when it's available. The only difference is that in cryptocurrency trading, the process is automated and executed by the trading platform.
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• Nov 24, 2021 · 3 years ago
  Open orders are a fundamental part of cryptocurrency trading. They allow traders to set their desired buying or selling price and wait for the market to reach that level. This can be useful for traders who want to enter or exit a position at a specific price point. It also helps to automate the trading process and reduce the need for constant monitoring. At BYDFi, we offer a user-friendly interface that allows you to easily place and manage open orders, giving you more control over your trading strategy.
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