A limit order is one of the most basic order types. It allows the trader to specify a price and amount they would like to buy or sell.
Example: If the current market price is 10,600 and I want to buy lower than that at 10,300, then I would place a limit buy order at 10,300. If the market reaches 10,300 and a seller’s ask matches with my bid, my limit order will be executed at 10,300.
A market order is an order type that executes immediately against the best price available. As long as there are willing sellers and buyers, market orders are filled. A market sell will match the best available bids on the order book, and a market buy will match against the best available asks on the order book.
Market orders are often used when rapid execution is prioritized over the price at which the order executes. When placing this order, the trader prefers the trade to happen immediately at the current best price available.
Stop-Limit order refers to the pre-set stop (trigger) price and limits price and amount after trigger. When the latest price reaches the trigger price, the order will be placed according to the pre-set price to help users maintain profits or reduce losses.
Description of parameters:
Stop Price：When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price
Limit Price：The price that the stop-limit order is executed at.
For example, if the current market price of BTC is 10,600 USDT, the support is around 10,300 USDT, and you believe the price would continue to drop when it breaks through the support, then you could sell it when the price drops to 10,000 USDT. However, as you are likely not able to follow the market 24/7, you could place a Stop-Limit order to help prevent excessive losses.
Operation steps: select “Stop-Limit Order”, enter 10,300 USDT in the trigger price edit box, 10,000 USDT in the price edit box, and 10 BTC in the amount edit box. Click “Sell BTC” to place the order. When the latest price reaches or is lower than 10,300 USDT, this order will be triggered and the order valued 10 BTC will be placed at a price of 10,000 USDT.