What are the risks and benefits of using 'good until cancelled' in cryptocurrency trading?

1 answers

• Apr 29, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi recognizes the potential benefits and risks of using the 'good until cancelled' order type. This order type can provide convenience for traders who want to set their desired price and keep the order active until it is executed or manually canceled. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Traders should be aware that if the market conditions change, the 'good until cancelled' order may not be executed as intended. It is always recommended to stay updated with market trends and adjust trading strategies accordingly. BYDFi encourages traders to carefully consider their risk tolerance and use appropriate risk management techniques when utilizing this order type.
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