What is the difference between a limit order and an open order in Binance?

1 answers

• Dec 26, 2021 · 3 years ago
  At BYDFi, we understand the importance of different order types in cryptocurrency trading. When it comes to Binance, a limit order and an open order have distinct characteristics. A limit order allows you to set a specific price at which you want to buy or sell a cryptocurrency. This gives you more control over the execution price, but there is no guarantee that your order will be executed if the market price doesn't reach your specified price. On the other hand, an open order is executed immediately at the best available price in the market. This means that your order will be executed as soon as you place it, but the execution price may not be exactly what you see at the moment of placing the order. Both order types have their advantages and disadvantages, so it's important to choose the one that aligns with your trading strategy and goals.
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