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What is the difference between different Order types?

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Quick Answer

At SpectroCoin Exchange, you can choose between Market and Limit order types. A Limit order is set by you and settled at a desired price, while a Market order goes out for the current market price. An order can be filled with one or more trades.

A trading order is a specific amount of crypto assets offered for buying or selling at a specific price. At SpectroCoin Exchange, clients can choose between two order types – Market and Limit – that provide different advantages.

What is a Limit order?

Limit orders allow users to specify the price at which they would like to buy or sell a specific amount of cryptocurrency. The order is executed at the point when the market price reaches the limit set up by the user.

To place a Limit order, follow these steps:

  • Select a trading pair on the left-hand side of the trading view screen.
  • Click ‘Orders → Limit Order’.
  • Enter your preferred buying or selling price.
  • Specify the amount of digital assets you are looking to trade.
  • Click ‘Buy’ or ‘Sell’.

Your Limit order has been created!

What is a Market order?

A market order is the type of order that is executed at the current market price.

To place a Market order, follow these steps:

  • Select a trading pair on the left-hand side of the trading view screen.
  • Click ‘Orders → Market Order’.
  • Specify the amount of digital assets you are looking to trade.
  • Click ‘Buy’ or ‘Sell’.

Your Market order has been created! In most cases, it will be filled instantly.

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