What is the meaning of time in force in the context of Binance and cryptocurrency trading?

3 answers

• Dec 17, 2021 · 3 years ago
  In the world of cryptocurrency trading, 'time in force' refers to the duration for which an order remains active before it is automatically canceled. When placing an order on Binance or any other cryptocurrency exchange, you have the option to specify the time in force for that order. The available options typically include 'Good Till Canceled' (GTC), 'Immediate or Cancel' (IOC), and 'Fill or Kill' (FOK). GTC means that the order will remain active until it is manually canceled by the trader. IOC means that the order must be executed immediately and any portion of the order that cannot be filled immediately will be canceled. FOK means that the entire order must be filled immediately; otherwise, it will be canceled. The choice of time in force can have implications on the execution and outcome of your trades, so it's important to understand and choose the most suitable option for your trading strategy.
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• Dec 17, 2021 · 3 years ago
  Alright, let me break it down for you. 'Time in force' is basically a setting you can choose when placing an order on Binance or any other cryptocurrency exchange. It determines how long your order will remain active before it gets automatically canceled. You have a few options to choose from: 'Good Till Canceled' (GTC), 'Immediate or Cancel' (IOC), and 'Fill or Kill' (FOK). GTC means your order will stay active until you manually cancel it. IOC means your order must be executed immediately, and any part of it that can't be filled right away will be canceled. FOK means your entire order must be filled immediately, or else it gets canceled. So, depending on your trading strategy and how quickly you want your orders to be executed, you can choose the most suitable time in force option. Just keep in mind that different exchanges may have slightly different names for these options, but the concept remains the same.
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• Dec 17, 2021 · 3 years ago
  When it comes to 'time in force' in cryptocurrency trading, BYDFi has got you covered. BYDFi is a cutting-edge cryptocurrency exchange that offers a range of time in force options to suit your trading needs. Whether you prefer 'Good Till Canceled' (GTC), 'Immediate or Cancel' (IOC), or 'Fill or Kill' (FOK), BYDFi has the flexibility to accommodate your preferences. With BYDFi, you can have full control over the duration for which your orders remain active, ensuring that you can execute your trades according to your desired timeframe. So, if you're looking for a reliable and user-friendly platform that understands the importance of time in force, BYDFi is the way to go.
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