What are the advantages and disadvantages of using a '60 day GTC' order in cryptocurrency exchanges?

3 answers

• Feb 18, 2022 · 3 years ago
  A '60 day GTC' order, also known as a Good 'Til Canceled order, allows traders to set a buy or sell order that remains active for 60 days or until it is executed. This can be advantageous for traders who want to enter or exit a position at a specific price but may not be actively monitoring the market. However, it's important to note that market conditions can change rapidly in the cryptocurrency space, and a '60 day GTC' order may not always be the most optimal strategy. Traders should carefully consider their trading goals, risk tolerance, and market volatility before using this type of order.
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• Feb 18, 2022 · 3 years ago
  Using a '60 day GTC' order can provide traders with flexibility and convenience. It allows them to set a price target and wait for the market to reach that level, without having to constantly monitor the market. This can be particularly useful for traders who have other commitments or limited time to actively trade. However, it's important to be aware of the potential risks. Market conditions can change quickly, and the price may never reach the desired level within the 60-day timeframe. Traders should also consider the possibility of slippage, where the executed price may differ from the set price due to market fluctuations.
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• Feb 18, 2022 · 3 years ago
  As a representative of BYDFi, I can say that a '60 day GTC' order can be a useful tool for traders in cryptocurrency exchanges. It provides them with the flexibility to set their desired price and wait for the market to reach that level. However, it's important to consider the potential risks and market volatility. Traders should also be aware of the specific rules and limitations of the exchange they are using, as different exchanges may have different policies regarding order types and durations.
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