What is Limit Order?
A limit order is an order with a specific limit price that place on the order book. It will only be executed if the market price reaches to your limit price or better price. You can use limit orders to buy an asset at a lower price or sell an asset at a higher price than the current market price.
Buy Example:
If the current market price on BTC is 20,000$, the buying price of a limit order must be lower than the current price. It means you should choose lower price than current price like 18,000$. If you place a buy limit order which is above the current price like 22,000$, the order will be filled immediately and the executed price will be around 20,000$.
Sell Example:
If the current market price on BTC is 20,000$, the selling price of a limit order must be higher than the current price. It means you should choose higher price than current price like 22,000$. If you place a sell limit order which is lower the current price like 18,000$, the order will be filled immediately and the executed price will be around 20,000$.
How to place a Limit Order at Coinlocally?
- [Login] to your account and go to [Spot Trading] page.
- Choose your symbol such as BTCUSDT.
- Choose [Limit] order type.
- Set your [Limit Price] and enter your [Amount].
Note: In the first box (Amount) you can see your assets values in BTC and in second box you can observe your assets value in USDT. Also, you can drag the slider to calculating your amount by system automatically.
- Now, you can click [Buy BTC] or [Sell BTC] to place your limit order for buying and selling your assets.
- Your Limit Order will be placed in order book and you can see your order at the end of Spot page in [Open order] tab. When your order gets filled you can see it in [Order History] or [Trade History] tab.