A limit order on Binance is an order to buy or sell a cryptocurrency at a specific price or better. It allows traders to set a maximum purchase price or a minimum selling price, providing more control over their trades compared to market orders.
How to Place a Limit Order on Binance
Log in to your Binance Account:
Ensure you are logged in to your account. If you don't have an account, you'll need to sign up and complete any necessary verification processes.
Navigate to the Trading Page:
Click on "Trade" in the main menu and select "Spot" to go to the spot trading interface. You can choose either the advanced or classic interface.
Select the Trading Pair:
Use the search bar to find the trading pair you want to trade (e.g., BTC/USDT, ETH/BTC). Click on the pair to open the trading interface for that pair.
Choose the Limit Order Tab:
Below the price chart, you'll find the order entry box. Select the "Limit" tab.
Enter the Order Details:
Price: Enter the price at which you want to buy or sell the asset.
Amount: Enter the amount of the asset you want to buy or sell.
Total: This field will auto-populate based on the price and amount you've entered.
Place the Order:
Click on the "Buy [Asset]" or "Sell [Asset]" button to place your order. A confirmation window will appear; review the details and confirm the order.
Example
Suppose you want to buy 1 BTC at $30,000:
Set the Price to $30,000.
Set the Amount to 1 BTC.
Click Buy BTC.
Your order will be placed in the order book and will only execute when the market price reaches $30,000 or lower.
Managing Your Limit Orders
Open Orders: You can view your open limit orders in the "Open Orders" section of the trading interface. Here, you can see the status and details of your orders.
Cancel Orders: If you decide to cancel a limit order before it is executed, you can do so by clicking the "Cancel" button next to the order in the "Open Orders" section.