#OrderTypes101 Your Quick Guide to Understanding Trading Orders on Binance

Are you new to the trading world or looking to enhance your skills? Let's take a quick look at the most common types of orders

1. Market Order

Example:

You wanted to buy BNB quickly. Using a market order, you buy it immediately at the best available price in the market. Ideal for instant execution, but it does not guarantee the price you will pay.

2. Limit Order

Example:

You want to buy BNB at $500, while the current price is $520. You use a limit order at $500; the order will only be executed if the price reaches that level or lower.

3. Stop Loss Order

Example:

You bought BNB at $500, but you want to protect yourself from losses if the price starts to drop. You set a stop loss order at $450, so the coin will be sold automatically if the price reaches this level.

4. Trailing Stop Order

Example:

You bought BNB at $500, and it has now reached $600. You set a trailing stop with a $50 difference. If the price rises to $650, the stop automatically moves to $600. When the price drops to $600, it sells, making a profit.

5. Advanced Orders Example:

Using an OCO order, you can set two orders together:

✔️ A sell order to take profit at $650