An OCO order combines the best of both worlds, allowing you to set a sell or buy order at both higher and lower the current price of a crypto asset.įor example, if Bitcoin’s price is $40,000 and you need to go to sleep but want to trade on autopilot, you can set a sell order at both $38,000 (for a 5% loss) and $44,000 (for a 10% profit), depending on your trading preference.

That’s why Binance took things a step further in 2019 by introducing OCO orders. If the price crosses these thresholds, your orders execute automatically, helping you maximize your profits or minimize your losses. The only problem with stop-limit orders is that they force you to pick a direction. Think Bitcoin’s going to go down? Then you have the option to set a stop-loss order at $46,000.

A stop-limit order combines a stop loss and limit order and protects you against big market moves, by allowing you to set buy or sell orders at either above or below the current price. Example: Say Bitcoin’s at $50,000 and you are feeling bullish, you can set a stop-limit sell order at $55,000.

For example, you can set a buy order for Bitcoin (say at that time worth $40,000) if the price drops to $35,535.

A limit order enables you to set a trade order at a price of your choice (higher than the current price for selling and lower for buying).

This is because there is a gap between selling and buying order prices, and you are, in effect, jumping the queue and trading at the best immediate offer) Then, you will need to verify your account before you can deposit fiat or cryptocurrency into your Binance wallet.

A market order allows you to buy or sell instantly at the current price (note that you’ll either buy a slightly higher price or sell at a slightly lower price. First, you’ll need to download the Binance app or head to their website on a desktop and create an account by providing your email address and phone number.

Binance offers a few different types of spot trading options, such as market, limit, stop-limit, and OCO.

The easiest way to trade is by executing spot trades at real-time prices.

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