#OrderTypes101

On Binance, order types are fundamental to trading, allowing users to specify how and when their trades will be executed. Market orders are executed immediately at the best available price, while limit orders let users set a specific price or better. Stop orders are triggered when the market price reaches a certain level. 

Key Order Types on Binance:

Market Orders:

These orders are executed immediately at the current market price, ensuring immediate execution but potentially at a less favorable price than desired. 

Limit Orders:

With limit orders, users can specify a price at which they want to buy or sell, allowing for better control over the execution price. 

Stop Orders:

Stop orders are triggered when the market price reaches a predefined "stop price", after which they become market orders or limit orders, depending on the specific type of stop order. 

Stop-Limit Orders:

These orders combine the features of stop and limit orders, allowing users to set a trigger price (stop price) and a limit price for the order. 

One-Cancels-the-Other (OCO) Orders:

These orders allow users to place two orders simultaneously, where one order will cancel the other if it is executed. 

Iceberg Orders:

These orders allow users to place large orders without revealing the full size to the market, potentially avoiding slippage and making the order less visible.