OKX is a popular cryptocurrency exchange offering two order types: limit orders and market orders. Limit orders allow traders to buy/sell crypto at specific prices, while market orders execute immediately at current prices. This guide provides step-by-step instructions for placing both order types on OKX. Before trading, understand transaction fees, fund security, and market risks.
Order Placement on OKX: Key Concepts
What Is Order Placement?
Order placement lets traders delegate buy/sell requests to the exchange. OKX supports:
- Limit Orders: Set your desired price (only executes if market reaches it).
- Market Orders: Trade instantly at the best available price.
Step-by-Step Order Placement
1. Placing a Limit Order
- Log in to your OKX account and select your trading pair.
- Navigate to the "Trade" tab → Click "Limit".
- Choose "Buy" or "Sell".
- Enter the amount and price per unit.
- Confirm by clicking "Buy"/"Sell".
2. Placing a Market Order
- Log in and select your trading pair.
- Go to the "Trade" tab → Click "Market".
- Select "Buy" or "Sell".
- Enter the trade amount.
- Confirm with "Buy"/"Sell".
Critical Considerations
- Limit Orders: Only execute at your specified price or better.
- Market Orders: Fill immediately (price may vary due to volatility).
- Fees: OKX charges a percentage-based fee (varies by currency/trade type).
- Funds: Ensure sufficient balance before placing orders.
- Risk Management: Crypto markets are highly volatile—assess risks before trading.
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FAQs
1. What’s the difference between limit and market orders?
Limit orders target specific prices; market orders prioritize speed over price control.
2. How does OKX calculate trading fees?
Fees are based on trade volume and tiered user levels (check OKX’s fee schedule).
3. Can I cancel an order?
Yes—pending orders appear in the "Open Orders" section for cancellation.
4. Why did my limit order not execute?
The market price didn’t reach your target. Adjust the price or switch to a market order.
5. Is OKX safe for order trading?
OKX employs cold storage and 2FA, but users should enable security features.