What is a market order?
A Market order is an order to buy(Long) or sell(Short) at the market price. This means placing an order to buy(Long) or sell(Short) crypto at the price at which it is currently trading. Market orders are mostly executed upon request. However, if a market order is used, the order may be executed at a lower price or higher price than the desired price. This especially occurs when prices fluctuate or when volume is low.
How to use Market Order
1. After clicking Maker, adjust the percentage of entry quantity you want. And choose Long or Sell(Short).
What Is A Limit Order?
A limit order is an order that is executed at or above a specified price when it reaches a specified price.
How to use Limit Order?
1: Click Limit and adjust the percentage of entry quantity you want. And select Long or Shot.
What is a conditional order?
A conditional order is activated only when the trigger price is reached. You can use conditional orders for take profit, stop loss, and breakout trading purposes.
How to use conditional?
Set the trigger price you want in the Trigger price.
fill your desired order price in Price and adjust the quantity.
Click Long or Short.
What is a Stop Limit?
A Stop Limit order is a combination of a Stop market order and a Stop Limit order. The Stop limit is divided into two types, TP and SL.
Stop Market Limit order:
Stop market orders fill as a market order when the asset reaches a specific price. A buy(Long) stop market order triggers when the asset price is greater than or equal to the stop price. A sell(short) stop market order triggers when the asset price is less than or equal to the stop price.
if the market gaps past your stop price, the order may fill at a worse price than the stop price you set. There is no guarantee that a stop market order fills at the stop price.
Stop Limit order:
A Stop Limit Order has the advantage of being able to place an order at a desired price but has the disadvantage of not being executed.
How to use Stop Limit order
Click Conditional and click Limit. Please choose the position you want. And please set up TP or SL.
STOP MARKET ORDERS
Becomes a market order when the stop price is reached. The buy(Long)/sell(Short) of the crypto is executed at whatever the market price is after the stop price is reached.
STOP LIMIT ORDERS
Becomes a limit order when the stop price is reached.The buy(Long)/sell(Short) crypto is executed at a specific price or better after the stop price is reached.
Is a Limit Order Cheaper Than a Market Order?
A limit is a more specific type of order that often has more features, customizations, and options. For this reason, a limit order may be assessed higher fees compared to a market order.
Plus, about stop limit and stop loss:
A stop-limit order is an order type in Crypto trading that allows the users to execute a trade once the price reaches a specified minimum or maximum level. This order consists of setting both a stop price and a limit price. The stop price represents the price at which the trade begins, and the limit price represents the maximum or minimum price the investor is willing to allow. For example, if a stock is currently trading at $100 and a stop price of $90 and a limit price of $85 are set, the trade will begin at a price below $90 and proceed at a price above $85. This is used to execute a long or short order when the price is no longer decreasing.
A stop-loss order is an order used by users to minimize losses. This order means automatically selling(short)or buying(long) crypto when it reaches a specific price. For example, if a crypto is currently trading at $100 and a stop-loss price of $90 is set, the crypto will automatically be Short or Long when the price drops to $90. This is used to minimize losses when the price is no longer decreasing.
Therefore, a stop-limit order starts the trade at a specific price and proceeds until the user's desired price is reached, while a stop-loss order means automatically places a short or long position on crypto when it reaches a specific price.