Can you explain the concept of an open order in the context of digital currencies?

5 answers

• Attia BatoolSep 26, 2024 · a year ago
  An open order in the context of digital currencies refers to a buy or sell order that has been placed on a trading platform but has not yet been executed. When you place an open order, you are essentially expressing your intention to buy or sell a certain amount of a specific digital currency at a particular price. The order remains open until it is matched with a corresponding buy or sell order from another trader. Once the order is matched, it is considered filled or executed, and the digital currency is transferred between the buyer and the seller.
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• dmbappybdJul 14, 2021 · 4 years ago
  Imagine you're at a digital currency exchange, and you want to buy some Bitcoin. You place an open order to buy 1 Bitcoin at $10,000. This means that you're willing to pay $10,000 for 1 Bitcoin, but the order will only be executed if there is a seller who is willing to sell their Bitcoin at that price. Until then, your order remains open, waiting for a match. Once a seller agrees to sell their Bitcoin at $10,000, your order is filled, and the transaction takes place.
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• Johannes AmorosaNov 12, 2022 · 3 years ago
  In the context of digital currencies, an open order is when you place a request to buy or sell a certain amount of a specific cryptocurrency at a specified price. The order remains open until it is matched with a corresponding order from another trader. For example, if you want to buy 10 Ethereum coins at $500 each, you would place an open order for that amount and price. The order will stay open until another trader is willing to sell you 10 Ethereum coins at $500 each. Once the order is matched, the trade is executed, and the coins are transferred to your account.
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• Frank OlivierNov 08, 2024 · a year ago
  An open order in the world of digital currencies is like putting an item on your shopping list. You write down what you want to buy and how much you're willing to pay for it, but you haven't actually bought it yet. The same goes for an open order. You specify the amount of a specific digital currency you want to buy or sell and the price you're willing to pay or accept. The order remains open until someone is willing to sell at your desired price or buy at your desired selling price. Once the order is matched, the transaction is completed.
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• t_koizumiDec 18, 2022 · 3 years ago
  At BYDFi, an open order is a request made by a user to buy or sell a specific digital currency at a certain price. The order remains open until it is matched with a corresponding order from another user. For example, if you want to buy 5 Bitcoin at $50,000 each, you would place an open order for that amount and price. The order will stay open until another user is willing to sell you 5 Bitcoin at $50,000 each. Once the order is matched, the trade is executed, and the Bitcoin is transferred to your account.
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