What is a limit order?
Helen last edited by Reward
A limit order is an order where you can set a limit on the price you wish to buy or sell at. When you set a limit order, the trade will only be executed if the market price reaches (or exceeds) the trade price you set. Therefore, you can use a limit order to complete a buy order at a lower price or a sell order at a higher price (relative to the market price)
Unlike market orders, which are executed immediately at the current market price, limit orders on the order book are not executed immediately.
How do I make a limit order?
Suppose you want to sell VITE at a price higher than the current market price. First, you need to log in to your ViteX account, select the VITE trading pair you want to trade (e.g. VITE/BTC), and go to the trading page. After that, find the limit order option, set the limit price and amount, and finally click "Sell VITE" You can also set the price by dragging the percentage button, so you can easily set a certain percentage of the balance as a limit sell order.
You can view and manage your current orders by clicking on "Open Orders" in the exchange's navigation bar. Limit orders will only be executed if the market price reaches the limit price that you set.
If the market price does not reach the price you set, the limit order will continue to be valid until executed. If you fill in the wrong amount or need to cancel the order, click the Cancel button.
When do you use a limit order?
If you are not in a hurry to buy or sell an asset, you should use a limit order. Unlike market orders, limit orders are not executed immediately, so you will need to wait until the price matches your bid/ask price. Limit orders will give you better selling prices and buying prices, so they are usually placed at the main support or resistance levels. You can also split your buy or sell orders into multiple limit orders so you can achieve an average cost effect.