What is the difference between stop and limit orders on Binance for trading cryptocurrencies?

1 answers

• Dec 28, 2021 · 3 years ago
  Stop and limit orders are commonly used by traders on Binance to manage their cryptocurrency trades. A stop order is an order that is triggered when the market price reaches a specified stop price. Once triggered, the stop order becomes a market order and is executed at the best available price. This can be useful for traders who want to enter or exit a position once a certain price level is reached. On the other hand, a limit order is an order that allows traders to set a specific price at which they want to buy or sell a cryptocurrency. The order will only be executed if the market price reaches the specified limit price. This can be useful for traders who want to buy or sell at a specific price level and are willing to wait for the market to reach that level. Overall, both stop and limit orders are important tools for traders to manage their cryptocurrency trades effectively.
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