📈What is a Limit Order, and how to place it?

A Limit Order will be executed when the price hits a limit or a better price.

There are different types of limit orders:

GTC

GTC stands for "Good 'til Canceled," which indicates that trade should remain open until it is executed or manually canceled. This is typically the default option for 24/7 cryptocurrency trading platforms.

FOK

FOK stands for "Fill or Kill," meaning FOK orders will either be filled or canceled. For instance, if you place a FOK order to buy 5 BTC at $25,000, the system will not partially fill the order. If the system cannot execute the order at $25,000, it will automatically cancel it.

IOC

IOC stands for "Immediate or Cancel," which means that the system will cancel any part of the order that is not filled immediately. For instance, if you submit an IOC order to buy 5 BTC at $25,000 but can only buy 3 BTC at that price, the system will cancel the remaining portion of the order.

Post Only

"Post Only" means that when you place a Post Only order, the system will not immediately execute your order in the market. Instead, your order will exist as a maker order on the order book, and it will not match orders that already exist on the order book. You will only be charged a maker fee when your order is executed, not a taker fee.

GTT

GTT stands for "Good Till Time." If you set a GTT order, the system will cancel it automatically if it fails to execute within a fixed time.