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 [Futures Trading] page.
- Choose your asset like BTCUSDT pair.
- Choose [Limit] order type.
- Set your [Limit Price] and enter your [Size].
Note:
You can enter your amount and see your assets value at BTC units. To switch your unit to USDT you can click on the [BTC] button for observing your assets value in USDT. Also, you can drag the Slider to calculating your Size by system automatically.
- Now, you can click [Buy/Long] or [Sell/Short] to place your limit orders for buying and selling your perpetual contracts.
- Your Limit Order will be placed in order book and you can see your order at the end of Futures page in [Open orders] tab. When your orders triggered and become position, you are able to see your positions at the end of Futures page in [Positions] tab. And when your positions hit your targets, you can see the details and information about your positions in [Order History] or [Trade History] tab.