#OrderTypes101

On Binance, a Centralized Exchange (CEX), there are several types of orders that traders can use to manage their trades more effectively. The most common is the Market OrderOrder, which executes immediately at the best available price. It is suitable for quick entry or exit but may result in slippage. Another type is the Limit Order, where traders set a specific price at which they want to buy or sell. This order only executes if the market reaches that price, giving more control but no guarantee of execution.

A Stop-Limit Order combines a stop price and a limit price. Once the stop price is triggered, a limit order is placed. This is often used for protecting profits or limiting losses. A Stop-Market Order is similar, but once triggered, it executes as a market order. Binance also offers OCO (One Cancels the Other) orders, allowing two orders to be placed simultaneously; if one is executed, the other is canceled automatically. Understanding these order types helps traders execute strategies more precisely and manage risk efficiently.