what are binance open orders

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    Open orders allow users to make trades occur automatically given the right conditions. For example, a user could want to trade Bitcoin for Ether if the price of Ether drops below a certain point.

    They could then set an open order to buy Ether automatically when the price drops to a low enough level. Open orders do not always occur instantly as another trader has to be willing to sell for the transaction to occur.

    Users of Binance or any other cryptocurrency exchange should know the differences between Open orders, Limit orders, and stop orders before trading. These orders prevent users from having to check their investments manually.

    Answered on August 20, 2019.
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