Are there any limitations or restrictions when using 'time in force good till cancel' for cryptocurrency trading?

3 answers

• Dec 25, 2021 · 3 years ago
  When using the 'time in force good till cancel' option for cryptocurrency trading, there are a few limitations to keep in mind. Firstly, not all exchanges may support this type of order. It's important to check with your specific exchange to ensure they offer this option. Additionally, even if the exchange does support it, there may be certain restrictions on the duration of the order. Some exchanges may have a maximum time limit for 'good till cancel' orders, after which the order will be automatically canceled. Lastly, it's worth noting that market conditions can change rapidly in the cryptocurrency market, and a 'good till cancel' order may not be the most suitable option for taking advantage of short-term price movements.
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• Dec 25, 2021 · 3 years ago
  Using the 'time in force good till cancel' option for cryptocurrency trading can be convenient, but there are a few limitations to consider. One limitation is that this type of order may tie up your funds for an extended period of time, especially if the price doesn't reach your desired level. It's important to carefully consider the potential opportunity cost of using this order type. Additionally, some exchanges may charge fees for keeping 'good till cancel' orders active for an extended period of time. These fees can add up over time, so it's important to factor them into your trading strategy. Overall, while 'time in force good till cancel' orders can be useful in certain situations, it's important to be aware of their limitations and consider alternative order types if necessary.
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• Dec 25, 2021 · 3 years ago
  At BYDFi, we believe in providing our users with a seamless trading experience. When it comes to using the 'time in force good till cancel' option for cryptocurrency trading, there are a few things to keep in mind. Firstly, it's important to note that not all exchanges may offer this option. Each exchange has its own set of order types and features, so it's always a good idea to check with your specific exchange to see if they support 'good till cancel' orders. Additionally, even if the exchange does support this option, there may be certain limitations or restrictions on the duration of the order. Some exchanges may have a maximum time limit for 'good till cancel' orders, after which the order will be automatically canceled. It's also worth mentioning that market conditions can change rapidly in the cryptocurrency market, so it's important to regularly review and adjust your orders as needed. Overall, using the 'time in force good till cancel' option can be a convenient way to manage your trades, but it's important to be aware of any limitations or restrictions that may apply.
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