How can we define an open order in the world of digital currencies?

3 answers

• Șandor Jozsa RobertJan 20, 2024 · a year ago
  An open order in the world of digital currencies refers to a buy or sell order that has been placed on a trading platform but has not yet been executed. It represents the intention of a trader to buy or sell a specific amount of a particular cryptocurrency at a certain price. Open orders are typically displayed on the order book of the exchange, allowing other traders to see the existing demand and supply. Once an open order is matched with a counterparty, it becomes a completed trade. Open orders can be canceled or modified by the trader before they are executed.
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• Sean Sok AnApr 03, 2022 · 3 years ago
  When it comes to digital currencies, an open order is like a virtual handshake between buyers and sellers. It's a way for traders to express their interest in buying or selling a specific cryptocurrency at a specific price. These open orders are stored on the exchange's order book until they are matched with a corresponding buy or sell order. Once the conditions are met, the open order is executed, and the trade is completed. It's important to note that open orders can be canceled or modified by the trader at any time before they are executed.
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• MattiasPOMay 11, 2023 · 2 years ago
  In the world of digital currencies, an open order is a pending transaction that has been placed on a trading platform. It represents the desire of a trader to buy or sell a certain amount of a particular cryptocurrency at a specific price. Open orders are displayed on the exchange's order book, allowing other traders to see the existing demand and supply. When a matching buy or sell order is found, the open order is executed, and the trade is completed. As a leading digital currency exchange, BYDFi provides a user-friendly interface for placing and managing open orders, ensuring a seamless trading experience for its users.
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