Binance offers a wide range of trading orders to help you effectively manage your trades. Here’s an explanation of the most important types of trading orders and how they work

1. Market Order:

What it is: An order that is executed immediately at the best available price in the market at the moment the order is placed.

When to use it: When your top priority is speed of execution and you do not care about getting an exact price.

Note: Slippage may occur in volatile markets, meaning that the price at which the order is executed may differ slightly from the price you saw when placing the order.

2. Limit Order:

What it is: An order you place in the order book at a specific price (limit price). This order will only be executed if the market price reaches the limit price you specified or better.

When to use it: When you want to buy at a lower price than the current market price, or sell at a higher price than the current market price, and you are willing to wait until the price reaches the desired level.

Example: If the current price of BTC is $70,000, you can place a buy limit order at $69,000. The order will only be executed when the price of BTC reaches $69,000 or lower.

3. Stop-Limit Order:

What it is: A conditional order consisting of two prices: the stop price and the limit price. When the market price reaches the stop price, a limit order is activated at the limit price you specified.

When to use it: It is commonly used to set stop-loss or take-profit.