Binance is a digital asset exchange that facilitates trading of digital assets. The exchange is one of the most popular in the world and is frequently used by day traders.
Binance does not have limit orders.
This may come as a surprise to some, given that Binance is often touted as one of the best exchanges for day trading. So why doesn’t Binance have limit orders?
The reason is simple: Binance is a spot exchange, not a derivatives exchange. This means that when you place an order on Binance, you are directly buying or selling the underlying asset, rather than placing a bet on the future price of the asset.
1. Limit orders are valid for only 24 hours after they have been placed.
2. Limit orders may not always execute at the exact price desired, as market conditions can change quickly and without warning.
3. Binance reserves the right to reject or cancel any limit order at any time without prior notice.
4. Binance does not guarantee that limit orders will always be filled at the desired price or within a given time frame.
So if you want to buy Bitcoin at $10,000 and sell it when it reaches $11,000, you would simply place a market order on Binance to buy Bitcoin at the best available price. Once the order is filled, you can then place a market order to sell Bitcoin at the best available price.
There is no need to place a limit order, as you are not trying to speculate on the future price of Bitcoin.
Of course, this doesn’t mean that there is no risk involved in trading on Binance. Spot prices can still fluctuate rapidly, and you could end up selling your Bitcoin for less than you paid for it if the market turns against you.
However, if you are careful with your trades and use stop-loss orders, you can minimize your risk and still take advantage of the many benefits of trading on Binance.