Binance provides a variety of order types to meet the different needs of traders, from beginners to the more experienced. Here’s an explanation of the main basic order types (101) you will encounter on Binance.

1. Market Order

Idea: Buy or sell the currency immediately at the best available price in the market.

Advantage: Immediate execution.

Disadvantage: You may not get the exact price you see at the moment you place the order, especially in volatile markets (slippage).

When to use it: When you want to enter or exit the market quickly regardless of the exact price.

2. Limit Order

Idea: Place a buy or sell order at a specified price or better. The order will only be executed if the price reaches the price you specified or better.

Advantage: Full control over the price at which you want to buy or sell.

Disadvantage: The order may not be executed if the price does not reach the specified level.

When to use it: When you want to buy at a specific low price or sell at a specific high price, and you can wait.

3. Stop-Loss Order / Stop Order:

Idea: An order to limit potential losses. It is activated when the market price reaches the "stop price" you set.

Common types include:

Stop-Market Order: When the price reaches the "stop price", a market order is immediately executed.

Stop-Limit Order: When the price reaches the "stop price",