A limit order is an order you place on the order book with a specific limit price. It will only be executed if the market price reaches your limit price (or better). You may use limit orders to buy an asset at a lower price or sell at a higher price than the current market price.
Limit Buy Orders
When the market price drops to the order’s limit price or below, the order will be executed automatically if the buy price is above or equal to the current market price. Therefore, the buying price of a limit order must be lower than the current price if you want to buy cheap.
For example, the current BTC price is 40,000 USDT. If you place a buy limit order with a limit price of 35,000 USDT, the order will not be executed until the price drops to 35,000 or below. If you place a buy limit order with a limit price of 45,000 or more, which is above the current BTC price, the order will be filled immediately and the executed price will be around 40,000 USDT instead of 45,000 USDT, which saves the budget for you to buy BTC.
Limit Sell Orders
When the market price reaches the order’s limit price or above, the order will be executed automatically if the sell price is below or equal to the current market price. Therefore, the sell price of limit orders must be set above the current price if you want to sell at a higher price to make profit.
For example, the current BTC price is 40,000 USDT and you place a sell limit order with a limit price of 45,000 USDT. The order will not be executed until the price reaches 45,000 USDT or above. If you place a sell limit order with a limit price of 35,000 USDT, which is below the current price, the order would be filled immediately at around 40,000 USDT not 35,000 USDT, which is filled at a better price to make a higher profit for you compared to selling at 35,000 USDT.
How to place a Limit Order on Spot Trade?
1. On the Spot Trade page, select the Limit Order tab.
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on the Coins website
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on the Coins app |
2. Enter the limit price you wish to buy or sell, enter the amount you wish to trade. After you put your limit price and amount, the system will check the total transaction amount for you and you can check if your available balance is sufficient or not.
3. Click BUY or SELL to place your limit order.
How to view my limit order history?
You can view your open orders under [Open Order]. To cancel an order, click the Cancel icon directly.
You can check your filled orders under [Order History], click the plus (+) button on the left to view the Executed Price of each trade.
On the Coins.ph app, both [Open Order] and [Order History] are accessible at the upper-right section of the Spot Trade page.
Contact us through the Coins app or Coins Support Form should you need any further assistance.