What is the difference between a limit order and a market order on Robinhood for trading cryptocurrencies?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! A limit order is an order to buy or sell a cryptocurrency at a specific price or better. It allows you to set a specific price at which you want to buy or sell, and the order will only be executed if the market reaches that price or better. On the other hand, a market order is an order to buy or sell a cryptocurrency at the current market price. It is executed immediately and guarantees that the order will be filled, but the actual price at which the order is executed may differ from the current market price.
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• Dec 16, 2021 · 3 years ago
  When you place a limit order, you have more control over the price at which your order is executed. This can be useful if you want to buy or sell at a specific price point. However, there is a possibility that your order may not be executed if the market does not reach your specified price. On the other hand, a market order guarantees that your order will be executed, but you have less control over the price at which it is executed. It is important to consider your trading strategy and the current market conditions when choosing between a limit order and a market order.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also offers limit and market orders for trading cryptocurrencies. Limit orders on BYDFi work in a similar way to Robinhood. You can set a specific price at which you want to buy or sell, and the order will only be executed if the market reaches that price or better. Market orders on BYDFi are executed immediately at the current market price. It's important to note that the availability and functionality of limit and market orders may vary between different cryptocurrency exchanges, so it's always a good idea to familiarize yourself with the specific features of the exchange you are using.
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