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

Limit Order

- Definition: The user pre-sets the desired buy or sell price and transaction quantity. The system automatically executes when the market price reaches or exceeds the set price.

- Features: Allows precise control over transaction price, avoiding slippage losses. However, if the market price does not reach the set price, the order may not be executed. Some exchanges offer validity options such as "Good 'Til 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 seek immediate execution, and are price-sensitive. For example, if predicting that the price of Bitcoin will rebound when it drops to $60,000, one could place a buy limit order at that price; expecting Ethereum to rise to...