What's a limit order?

What's a limit order and market orders?

When placing an order to buy or sell to close a position, the most commonly used order types are limit orders and market orders. You can choose the order type that best suits your trading needs.

What's a limit order?

A limit order is an order where you set the order quantity and the maximum price you are willing to buy or the minimum price you are willing to sell. When the market price meets your conditions, the system will execute the order at the best available price within your specified limit.

Whether a limit order is executed as a maker or taker depends on the price you set, the order quantity, and current market conditions.

Example:
If the current market price of BTC is 53,000 USDT and you want to buy at a lower price of 52,900 USDT, you can place a limit buy order at 52,900 USDT. Once the market price falls to 52,900 USDT or below, the order will be executed automatically.

What's a market order?

A market order allows you to buy or sell immediately at the best available price in the current market, enabling fast execution.

Example:
Assume the latest BTC market price is 53,000 USDT. If you want to buy BTC immediately, you can place a market order and enter the total order amount, such as 40 USDT. After placing the order, it will be executed instantly. In a rapidly fluctuating market, the final execution price may not be exactly 53,000 USDT. It will be based on the real-time market price and may be higher or lower than 53,000 USDT.