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Market Order
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Feature: Executes immediately at the best available market price, prioritizing speed over price certainty.
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Use Case: Ideal for quick buying/selling when immediacy is critical.
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Risk: High market volatility may lead to significant deviations from the expected price (slippage).
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Example: BTC/USDT is currently priced at $60,000. A user places a market buy order, and the system executes it immediately at the best asking price of $60,050.
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Limit Order
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Feature: Executes only when the market reaches the specified price, ensuring price certainty but not immediate execution.
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Use Case: Suitable for traders who want to transact at a specific price and are not in a hurry.
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Risk: The order may remain unfilled if the market does not reach the limited price.
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Example: BTC/USDT is currently at $60,000. A user sets a buy limit order at $58,000, which only triggers if the price drops to that level.
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Planned Order
A Planned order is a type of order that only becomes active when the market price reaches a preset trigger price.
It contains two key price parameters:
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Trigger Price: The price condition that activates the order
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Execution Price: The actual price at which the order is executed after activation