What is the best order type for buying and selling cryptocurrencies quickly?

3 answers

• Dec 17, 2021 · 3 years ago
  The best order type for buying and selling cryptocurrencies quickly is a market order. With a market order, you are buying or selling at the current market price, ensuring immediate execution. This order type is ideal when you want to enter or exit a position quickly without waiting for a specific price. However, keep in mind that market orders may be subject to slippage, especially during periods of high volatility.
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• Dec 17, 2021 · 3 years ago
  If you're looking for a more precise entry or exit point, a limit order might be a better choice. With a limit order, you set a specific price at which you want to buy or sell. The order will only be executed if the market reaches your desired price. While limit orders may take longer to fill than market orders, they offer more control over the execution price. This can be beneficial when trading cryptocurrencies with high price fluctuations.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, we recommend using a stop order for quick buying and selling of cryptocurrencies. A stop order combines elements of both market and limit orders. When the market reaches a specified price, a stop order becomes a market order and is executed at the best available price. This order type allows you to set a trigger price to enter or exit a position quickly while still having control over the execution price. It's important to note that stop orders can be triggered by short-term price fluctuations, so it's essential to set appropriate trigger prices.
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