How does a limit price work in cryptocurrency trading?

1 answers

• Dec 17, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers limit orders as one of the order types available to traders. With a limit order, you can set the price at which you want to buy or sell a cryptocurrency. This allows you to have more control over your trades and potentially get a better price. For example, if you want to buy Bitcoin at a lower price, you can set a limit buy order below the current market price. If the market price reaches your specified price, your order will be executed. Similarly, if you want to sell Bitcoin at a higher price, you can set a limit sell order above the current market price. BYDFi will execute your order when the market price reaches or exceeds your specified price. Keep in mind that there's no guarantee that your order will be executed, as it depends on market conditions and liquidity.
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