Understanding the Different Order Types | Binance Academy

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Understanding the Different Order Types | Binance Academy
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There are two main types of orders when it comes to trading: 🔸 Market order 🔸 Limit order Learn all about them in this article ⬇️

is a sophisticated tool that allows you to combine two conditional orders. As soon as one is triggered, the other is canceled. If we take theexample, you could use an OCO order to either buy Bitcoin when the price reaches $9,900 or to sell it when the price rises to $11,000. One of these two will be executed first, meaning that the second one is automatically canceled.time in force

. This is a parameter that you specify when opening a trade, dictating the conditions for its expiry.Good ‘til canceled is an instruction stipulating that a trade should be kept open until it’s either executed or manually canceled. Generally, cryptocurrency trading platforms default to this option. In stock markets, a common alternative is to close the order at the end of the trading day. Because crypto markets operate 24/7, however, GTC is more prevalent.Immediate or cancel orders stipulate that any part of the order that isn’t immediately filled must be canceled. Suppose you submit an order to buy 10 BTC at $10,000, but you can only get 5 BTC at that execution price. In that case, you would purchase those 5 BTC, and the rest of the order would be closed.

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