Types of orders

In every exchange, there are two types of orders: limit orders and market orders.

Limit order – is a conditional trade placed to buy or sell a defined amount of cryptocurrency with a specific price set by the trader. The execution is not guaranteed until that requested price set by the user is matched with an opposite order from another user. The order can be canceled any time, if the status of the order is partial or new.

Market order – is set to be more of an instant order as it does not involve any specific prices set by the trader. A trader just buys or sells the desired cryptocurrency at the best available market price, which is processed instantly.