Two fundamental order types you need to understand. Visit the Binance Official website or Binance Official APP. iPhone users can check the iOS Installation Guide.
Market Order: Executes immediately at the best available price. Use when you want to buy or sell right now and don't care about the exact price. Pros: guaranteed instant fill. Cons: price may differ from what you see (slippage), slightly higher fees at some VIP levels.
Limit Order: You set your desired price. The order only fills when the market reaches that price. Use when you want a specific price or better. Pros: you control the exact execution price, often lower fees. Cons: may never fill if the market doesn't reach your price.
Beginner recommendation: Start with market orders for simplicity. Learn limit orders once you understand basic price charts.
Q: Can I cancel a limit order?
A: Yes, unfilled limit orders can be cancelled anytime at no cost.