What are the differences between open order and limit order in the cryptocurrency exchange?

3 answers

• Nov 27, 2021 · 3 years ago
  An open order in a cryptocurrency exchange refers to an order that is placed without specifying a specific price. It means that you are willing to buy or sell a certain amount of a cryptocurrency at the best available price in the market. Open orders are executed immediately at the current market price. This type of order is suitable for traders who want to execute their trades quickly and are not concerned about the exact price at which the trade is executed.
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• Nov 27, 2021 · 3 years ago
  On the other hand, a limit order in a cryptocurrency exchange allows you to specify the price at which you want to buy or sell a cryptocurrency. This means that your order will only be executed if the market price reaches or goes beyond your specified price. Limit orders give you more control over the price at which your trade is executed, but there is no guarantee that your order will be filled if the market price does not reach your specified price. Traders who want to buy or sell at a specific price often use limit orders.
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• Nov 27, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers both open orders and limit orders to its users. Open orders are great for those who want to quickly enter or exit a position without worrying about the exact price. Limit orders, on the other hand, provide more control over the execution price but may not be filled if the market doesn't reach the specified price. It's important to consider your trading strategy and goals when deciding between open and limit orders.
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