#订单类型解析 In centralized exchanges (CEX) for cryptocurrencies, different order types are applicable for various trading strategies and market environments. Understanding the mechanisms and risks of these orders is the foundation for formulating a trading plan. Below is a detailed analysis of mainstream order types:

1. Basic Order Types

1. Limit Order

Definition: Users specify the buy/sell price, and the order is automatically executed when the market price reaches that price.

- Buy Limit Order: Set a buy price below the current market price (e.g., current BTC = $30,000, set to buy at $29,500), waiting for the price to drop for execution.

- Sell Limit Order: Set a sell price above the current market price (e.g., current ETH = $1,800, set to sell at $1,850), waiting for the price to rise for execution.

Features:

- The execution price is controllable, avoiding slippage caused by market fluctuations.

- May fail to execute (if the price does not reach the set value).

Applicable Scenarios:

- Buy low and sell high in volatile markets, or place orders in advance to layout trend reversal points.

Risks: In extreme market conditions, the price may skip the limit order (e.g., no buy orders when a crash occurs), resulting in failure to execute.

2. Market Order

Definition: An order that is executed immediately at the current best market price without needing to specify a price.

Features:

- Ensures fast execution, but the execution price may differ from expectations (slippage).

- Large market orders may cause significant market price fluctuations (impact cost).

Applicable Scenarios:

- Urgently entering or exiting positions (e.g., stop-loss, chasing gains), or trading highly liquid coins (e.g., BTC, ETH).

Risks: In low liquidity minor coins, market orders may lead to severe slippage (e.g., when buying low market cap tokens with a market order, the execution price may be far above expectations).