Orders

There are different types of orders which a trader can use to trade in Bitcoin.

At the foundation of successful bitcoin trading is making use of the correct btcusd order for its correct purpose. Most important things to remember about is this: Always understand the orders you place. Never place a order which you as a trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of cryptocurrency orders:

Types of Bitcoin Market Orders and Pending Orders

Market Trading Order

This is the most basic type of order, market order is used to buy or sell at the current ask or bid bitcoin trading quote price. This refers to the quoted price which appears & is shown on your platform.

This type of cryptocurrency order is used for buying or selling according to the current exchange rate quotation in Bitcoin Trading, the execution is instant. The minute you want to enter a position you can buy & sell bitcoin at a click of a button using a market order.

Entry Orders

These are cryptocurrency orders used to open a new trade after the btcusd market reaches a price specified by the trader.

Entry orders are used to buy or sell bitcoin when it attains a certain price target.

When a specific price level is reached or broken then a bitcoin entry trading order is executed.

These Entry Orders are used to enter a bitcoin trade at a specified price level. It is almost impossible to monitor the btcusd trading market every second and this is why an entry order can be handy. If you feel the btcusd market might take a certain action, such as break through a particular price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Order. Once the btcusd market crosses your specified level, your entry limit bitcoin trading order is executed.

There are two different types of entry orders - limit order & stop entry order.

These entry orders are also referred to as pending bitcoin trade orders.

Entry Limit Order

An order to buy or sell at a specific limit.

An entry limit order can be used to buy below the current price or sell above the current price.

When buying, entry limit is executed when the price drops to your limit zone that you have set.

When selling, entry limit is executed when the price rises to your limit zone that you've set.

These Entry Limit Orders are placed by traders when they expect the btcusd market to bounce back after reaching the price level at which the entry limit was placed.