#OrderTypes101 : What Types of Orders Are There on Binance (and Beyond)
Trading starts with the basics: understanding the types of orders. This is fundamental, without which one cannot proceed. So, let's go! 👇
💡 1. Market Order
This is like telling the exchange: "Buy/Sell right now at the best available price".
🔹 Plus: instant execution
🔹 Minus: the price may not be the most favorable
💡 2. Limit Order
You set the price at which you want to buy/sell.
🔹 Plus: control over the price
🔹 Minus: no guarantee that the order will be executed if the market doesn't reach your price
💡 3. Stop-Limit Order
A combination: first the "stop" (trigger) activates, then a limit order is placed.
🔹 Example: if the price drops to $30,000 (stop), sell at $29,900 (limit)
🔹 Ideal for loss control (stop-loss) or profit taking
💡 4. OCO (One Cancels the Other)
Two orders in one: if one triggers, the other is automatically canceled.
🔹 Very convenient for traders: you can set take-profit and stop-loss simultaneously!
✅ Understanding order types = control over your trades
❓ What type of order do you use most often?
