Placing a Limit Order

Having already looked at Market Orders, we’ll now place a Limit Order. Instead of simply executing a trade at the current market place, we’re now specifying a price and an amount that we want to be our entry point. 

As explained in our article on Trading Strategy, an entry point is a key component of any trading plan and starts to move you away from DCA/Hodling toward active trading.

You can set a EUR/BTC limit order at a preferable price and wait for the market to reach that level. If the preferable price is reached, your EUR/BTC order will get executed at the set price.

It should look like this:

Step 1 – Input your Entry Price

This is the price you order will execute at if reached. Here the buy would trigger at an Entry Price of €45,000

Step 2 – Enter the amount you want to buy

This is the amount you’ll purchase if the Entry Price is reached, and there are sufficient sellers. Here you would be buying €20 worth or 0.000444 BTC.

Step 3 – Check the Limit Order Before Placing It

Check the Entry Price and Amount you have specified before submitting the trade. Mistakes can be very expensive.

Step 4 – Place the Limit Order

Hit the ‘Buy’ button to place the Limit Order. You should then check the order in the “Spot Order” tab, available on the right side of the Binance interface. The screen below shows all of your trading history.