When trading cryptocurrencies on the Binance platform, understanding different order types helps optimize trading strategies and manage risks. Here are the common order type explanations:

Limit Order

- Definition: The user sets a desired buy or sell price and the trading quantity in advance, and the system automatically executes the order when the market price reaches or exceeds the set price.

- Characteristics: Allows for precise control over trading prices, avoiding slippage losses, but if the market price does not reach the set price, the order may not be executed. Some exchanges have validity options such as "Good Till Canceled (GTC)", "Immediate or Cancel (IOC)", and "Fill or Kill (FOK)".

- Applicable Scenarios: Suitable for traders who have a clear expectation of target prices, do not pursue immediate execution, and are sensitive to prices. For example, if predicting that the price of Bitcoin will rebound to $60,000, a buy limit order can be set at this price level; anticipating Ethereum to rise to