Explanation of Limit Orders
A limit order is an ordering method that allows a user to submit an order at the desired price, and the order will be executed when the desired price is met.
Example: When the current price is 1BTC = 48,000USDT
If the price drops to 1 BTC = 45,000 USDT, take a buy (long) position.
If the price rises to 1 BTC = 50.000 USDT, open a sell (short) position.
To explain further, if you use limit orders, you can reserve orders in advance to "sell when prices go up, buy when prices go down".
As long as you place a limit order, the order will be automatically executed at the desired price, which is very convenient and is recommended to utilize it by all means.
In addition, the limit order fee (Maker fee) is 0.02%, and the market order Taker fee is 0.04%, which is cheap and profitable.
Below is a detailed explanation of how to place a limit order.
1. Set a “Long” or “Short” Price
There are 3 ways to set the price:
1) Use Automatic Pricing
As with market orders, the price of limit orders will be updated to the latest information if the "Auto Price Mark" is checked.
If you use this, you can easily use limit orders, so if you want to place a limit order at the market price, please use it.
2) Set Directly
Of course, you can also set your desired price.
Enter the desired price in the "Price long" or "Price short" field, and enter the order amount in the "Amount" field.
If you press the "Limit long" or "Limit short" button according to the last order you want to place, the limit order is completed.
2. Enter the Order Amount
There are two ways to enter the amount:
- Enter the amount directly
- Input using the button. Click the button to enter the total amount
If you want to reset the amount, click the "Reset" button.
3. Request for Assistance with Limit Orders (Order Strategy)
We have prepared various auxiliary functions for limit orders.
Please use it according to the purpose of the trader.
- Post-Only GTX: A function that prevents limit orders from being processed as market orders
- GTC: A function that allows an order to be valid until the trader cancels it and allows partial execution
- FOK: A function that does not allow partial execution and immediately cancels the order
- IOC: A function that allows partial execution, but immediately cancels orders that have not been executed
Learn more about auxiliary functions (order strategies) such as GTC, FOK, and IOC here.