Have you ever placed an OCO order? Now you will wonder what is this OCO all about. Well, this term lists among the cryptocurrency terminology. The full meaning of this term is ‘’One Cancels the Other’’. The concept of this order lays down the meaning of placing two orders, simultaneously in the time. It amalgamates two different orders, one is limit order and other is stop-limit order. However, only one order is implemented among the two. If you are abreast with cryptocurrency regulation news, then you might come across this term.
OCO order can also be explained in another way. When one of the orders are filled partially or fully, then the order which is being left gets cancelled, instantly. Please keep one thing in mind, if you go for the cancellation of one order, then the other gets cancelled too. One of the popular crypto exchanges, Binance, can be referred for trading. Here OCO orders can be very well placed in this well-known exchange. It enables you to place two limit orders, together. This will benefit you from less possible loss and will grant you profit.
Know The Use Of OCO Order
To perform the operation of OCO orders, you need to open your Binance account. And when it is done, all you have to do is to log in and visit the Basic Exchange interface. After that, you have to search for the area of trading. When it is successfully found, you have to push the button on the option that reads ‘’stop-limit order’’. By performing this step, you will be able to open the dropdown menu, and then you can choose to select the option of ‘’OCO’’. If you wish to place an OCO order with combo orders of buying and selling, then referring Binance platform is the right choice to make. You can even click for a question mark; in case you need any information regarding OCO orders.
When you choose an OCO order, the loading of the new trading interface will be shown to you. This interface will enable you to set a limit or stop-limit order together. A limit order can be seen in the order book. Well in case of stop-limit, the word stop defines the price at which the order is going to be triggered, and limit signifies the real price of the order after triggering of the stop. When the OCO order is placed, you can see the details of both orders by scrolling down to the section of Open Orders.
So today, you got to know about OCO order, which stands for One Cancels the Other. The more you think OCO order to be easy, the more it is a very stronger tool to enable Binance users to carry out trading in a secured and adaptable manner. It is a very unique form of order which finds its best use in reducing risks, sealing profits and for entry, exit situations. To understand the depth of OCO order use, it is very important to gain knowledge of limit and stop-limit orders. To know any updates regarding development in the crypto world, start following all crypto news.