What does “in order” on Binance mean? Have you placed an order, but it has not processed for a while and your funds are locked in this ‘In Order’ state? Let’s find out why it could happen and what are your possible next steps.
What does Binance “In order” mean?
In order to understand the ‘In Order’ status, let’s dive into order types to understand how they work.
There are three types of orders available on Binance:
- Limit order
A limit order is an order that you place on the order book with a specific limit price. The limit price is determined by you. So when you place a limit order, the trade will only be executed if the market price reaches your limit price (or better). Therefore, you may use limit orders to buy at a lower price or to sell at a higher price than the current market price.
- Market order
A market order is an order to quickly buy or sell at the best available current price. It needs liquidity to be filled, meaning that it is executed based on the limit orders that were previously placed on the order book.
- Stop-limit order
The stop price is simply the price that triggers a limit order, and the limit price is the specific price of the limit order that was triggered. This means that once your stop price has been reached, your limit order will be immediately placed on the order book.
Let me explain more detailed how the Limit Order option works.
Assuming you decided to sell BNB or any other coin at a higher price than what is currently being bid. After logging in to your Binance account, choose the BNB market you want (e.g., BNB/BTC) and go to the trading page. Then, find the Limit order tab, set the price and amount, and click the Sell BNB button. You may also set the amount by clicking the percentage buttons, so you can easily place a limit sell order for 25%, 50%, 75%, or 100% of your balance.
After that, you will see a confirmation message on the screen, and your limit order will be placed on the order book, with a small yellow arrow. And that’s when your funds will have the “In Order” status because they have not been fulfilled.
As I mentioned above, the Limit Order is not an immediate transaction. It may take time to find the matching buying option. That’s why your selling order is placed on the order book and the funds are locked in the kinda Escrow till the transaction is completed.
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How long does “In order” on Binance take?
Is your Binance order shown as “in order” has not processed? To tell the truth, it’s expected behavior.
A buy limit order does not guarantee execution. That’s why it is difficult to provide the correct question.
How long does it take to complete the Limit Order? Some time, a long time or even forever…
Execution only occurs when the asset’s price trades down to the limit price and a sell order transacts with the buy limit order. As you already know, limit order sets the maximum or minimum price at which you are willing to buy or sell. Your trade will only go through if the market price reaches or improves upon the limit price. If it never reaches that price, the order won’t execute.
The asset trading at the buy limit order price isn’t enough. The trader may have 100 shares posted to buy at that price, but there may be thousands of shares ahead of them also wanting to buy at that price. Therefore, the price will often need to completely clear the buy limit order price level in order for the buy limit order to fill. The earlier the order is put in the earlier in the queue the order will be at that price, and the greater the chance the order will have of being filled if the asset trades at the buy limit price.
Can I place In Order to buy and sell at the same time with Binance?
The short answer is you can’t use this strategy to buy and sell the same asset at the same time. They will cancel each other.
When should I use Limit Orders?
Traders may use limit orders if they believe a certain coin is currently undervalued. They might buy it and place a limit order to sell once it goes up. Conversely, traders who believe the coin is overpriced can place a limit order to buy it once that price falls.
Market volatility may also create opportunities a trader doesn’t want to miss. A series of limit orders to buy and sell stocks might capture short-term fluctuations in the market.
How to cancel in order on Binance?
If you created a Limit Order, but then realized that you cannot wait and would like to sell your coins immediately then you need to Cancel your previous transaction and create a new Market Order instead. This will fulfill your requested total purchase/sell at the best available market prices, which can be good or bad depending on your intention.
You can scroll down to see and manage your open orders. The limit order will only execute if the market price reaches your limit price. If the market price doesn’t reach the price you set, the limit order will remain open. And there is a ‘Cancel’ option available.
Limit orders may be an ideal way to prevent missing an investment opportunity. If you’re concerned that you’re buying too high or selling too low, however, you might want to do some homework or consult an expert. Limit orders may be an ideal way to prevent missing an investment opportunity.
However, if your order is not being processed for a long time and your find are stuck in ‘In Order’, you should consider canceling this order and switching to Market Order instead.