If you are a crypto exchange trader, you may know the crypto exchange trading order books. These Order books are the major parts of the crypto exchange, and these factors are executed in all trading functionalities. For example, If you want to buy cryptocurrencies on the exchange, the platform allows you to buy cryptocurrencies from these order books. Various order books are available on the crypto exchange. If you’re not aware of the crypto exchange order books, you can go along with this article till the end and you will get some idea of the crypto exchange order book. Likewise, this article helps crypto exchange enthusiasts and startups with platform development.
Let’s go deep dive into the topic.., First, There are various order books in the crypto exchange. I have listed some important order books ..,
- Market order
- Limit order
- Stop-limit order
Now see the step-by-step process of order books.
Market order
Market orders are called instant orders. This order instructs the traders to buy or sell the cryptocurrencies at the best & most available price and execute instantly. It is the basic order book in the crypto exchange. For example, if you want to buy 5 Litecoin for $300, but the market price is $100 for the 5 litecoin, your order is executed immediately. The reason is your bid value is higher than the market price, so the market order is executed.
Limit order
A limit order is a trader's specified set price to buy and sell cryptocurrencies. A limit order is set as per your needs, If you want to buy or sell cryptocurrencies at high prices, it can do this. For example, if you want to sell the 2 bitcoin for a $50000 price which is set as the limit order, but the market price runs at $40000 when your price is reached, then your order is executed. The limit order is automated, so don’t watch the trading activities at any time. Limit orders don’t need the grants, if your limit is reached, your order is executed automatically.
Stop-limit order
The stop limit order is combined with the limit order and stop orders. It works when you set one limit, that limit is reached, and also hits your stop price, then your order is active. For example, BNB's current price is $200.If you want to choose the stop limit order, then you set the stop order as $230 and set the limit order price as $250. Now BNB prices are reached $230, then your buy limit order is placed. So if your order is $250 or low, your order is placed. But the market price is increased to $250, your order is not placed at the time.
Hope, you understand the crypto exchange order books. Likewise, these order books maximum used in the crypto exchange, so if you want to develop the crypto exchange platform, might be important to build these kinds of features.
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