What is a GTC order and how does it work in the world of cryptocurrency trading?

3 answers

• Nov 26, 2021 · 3 years ago
  A GTC order, also known as a Good 'Til Canceled order, is a type of order that remains active until it is either executed or canceled by the trader. In the world of cryptocurrency trading, a GTC order allows traders to set a buy or sell order at a specific price and keep it open indefinitely. This means that the order will remain active even after the trading session ends, allowing traders to take advantage of price movements outside of regular trading hours. It's a useful tool for traders who want to automate their trading strategies and take advantage of potential price fluctuations.
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• Nov 26, 2021 · 3 years ago
  Sure thing! A GTC order is like setting a reminder for yourself to buy or sell a cryptocurrency at a specific price. Let's say you want to buy Bitcoin when its price drops to $30,000. You can place a GTC order with that price, and it will stay active until the price reaches $30,000 or you cancel the order. This way, you don't have to constantly monitor the market and manually place the order when the price hits your desired level. It's a convenient feature that allows traders to set their desired entry or exit points and let the system do the rest.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers GTC orders to its users. With a GTC order, traders can set their desired buy or sell price and let the order remain active until it is executed or canceled. This feature allows traders to take advantage of market opportunities even when they are not actively monitoring the market. It's a great tool for traders who want to implement their trading strategies without having to constantly watch the market. Whether you're a beginner or an experienced trader, GTC orders can help you optimize your trading activities and potentially increase your profits.
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