How A Stop Limit Order On Binance Works?

The stop limit order is an advanced order that works on a cryptocurrency exchange. In simple terms, this type of order ensures that you do not buy or sell at a specific price, which is set by the user. For example, if you want to purchase one Bitcoin at $40000 and we know bitcoin is currently valued at $30000, and we choose with this type of order not to buy bitcoin when it reaches $42000. However: our favorite online broker will then stop any further decrease in value but will allow BTC to be traded at $30000 for the next 24 hours.