Buy Limit Order and Sell Limit Order

Understanding Limit Orders

Cryptocurrency markets record daily trading volumes in the tens of billions of dollars as this new asset class continues to grow in popularity. In order to facilitate traders, crypto exchanges like OKEx provide a host of trading tools and features, one of which is the ability to choose the type of order you place. The two most common types of orders are market orders and limit orders.
When you check the price of Bitcoin on an exchange like OKEx, the figure you see is the market price, and it is what the last trade on the market was executed on. When executing your own trade, you can also submit a market order, which means your buy or sell transaction will go through at whatever price the market is willing to offer or take for it. Alternatively, a limit order allows you to select your own specific price, even if that does not correspond with the market price.

Place a Limit Order

What is a Limit Order?

Limit Order Setup

Sets a Limit Price for Trades

Using a limit order, traders can set the maximum or minimum price limits they are willing to accept.

Buy Limit Order Setup

Buy Limit Order

Sets a limit price for a buy order, indicating the maximum price a trader is willing to pay for a purchase.

Sell Limit Order Setup

Sell Limit Order

Sets a limit price for a sell order, indicating the minimum price a trader is willing to accept for a sale.

Why Choose OKEx for Crypto Trading？

OKEx Advantages

High Liquidity

OKEx crypto markets are highly liquid, which means you get the best prices.

Advanced Order Types

OKEx traders can use a variety of order types, including buy limit orders, sell limit orders, stop orders, conditional orders, trigger orders and more.

Access to Market Data

OKEx offers both the latest and historic market data and trading charts to help users identify market trends.

Limit Order VS Market Order

Difference Between Limit Order and Market Order

A limit order and a market order are two of the most common order types, and traders should understand their pros and cons before they use either.

When trading cryptocurrencies, you are typically either buying an asset or selling it. In order to be profitable, traders generally want to buy low and sell high (i.e., going long), or they want to sell high first and buy low later (i.e., going short). All of these trades are ultimately executed on an exchange, and the market price of an asset at any time reflects the last price it was traded on.

If you want to buy 1 BTC right now, you can open the spot market for BTC on OKEx and place a market order to buy 1 BTC. You will only need to specify the amount of BTC for this order, and not its price, as the exchange will fill your order at whatever the market rate is at that time.

While this will get you your 1 BTC rather quickly, you will have no control over your buying price. Traders typically want to buy and sell cryptocurrency at set prices in order to make a profit, which is why the market order function is not always suitable for them.

This is where the limit order comes in, as it allows you to set a specific price for your buy or sell order and asks the exchange to fill your order only if the market is willing to meet your price or do even better. The downside of using a limit order is that there is no guarantee that your trade will go through, due to the fact that you will need to wait for the market to meet your demand.

A limit order is just one of many order types offered by OKEx to help traders execute their own trading strategies based on their chosen prices for entries and exits.

FAQs

How does a limit order work?

What is the difference between a limit order and a stop order?

What is the difference between a limit order and a market order?

What is the difference between a buy limit order and a sell limit order?

What order types other than limit orders are available on OKEx?

Place stop limit orders on the go

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