How does an open order work in the world of digital currencies?

3 answers

• Ajayi SeyiJun 27, 2020 · 6 years ago
  An open order in the world of digital currencies refers to a pending trade that has not yet been executed. When you place an order to buy or sell a specific cryptocurrency at a certain price, it becomes an open order until it is matched with a corresponding order from another trader. Once the order is matched, the trade is executed, and the open order is closed. It's important to note that open orders can be canceled or modified before they are executed. This allows traders to adjust their trading strategy based on market conditions and price movements.
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• Hedrick TennantJul 08, 2023 · 3 years ago
  Imagine an open order as a virtual handshake between buyers and sellers in the digital currency market. When you place an order to buy or sell a cryptocurrency, it's like extending your hand for a potential trade. The open order remains active until someone else extends their hand with a matching order. Once the handshake is complete, the trade is executed, and the open order is fulfilled. It's a dynamic process that relies on the matching of orders to facilitate trading in the digital currency market.
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• jjp0483Jun 04, 2021 · 5 years ago
  In the world of digital currencies, an open order is like a ticket to a concert. You purchase the ticket, and it represents your intention to attend the event. Similarly, when you place an open order to buy or sell a cryptocurrency, it represents your intention to execute a trade at a specific price. The open order remains active until it is matched with a corresponding order from another trader. Once the match is made, the trade is completed, and the open order is closed. It's a fundamental concept in digital currency trading that allows buyers and sellers to interact and transact with each other.
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