How to place an order in LBank contract? How to choose between limit order and market order?

To trade on LBank, log in, go to 'Contract', choose a pair, and decide between a limit order for price control or a market order for immediate execution.

May 04, 2025 at 12:42 am

Trading on cryptocurrency platforms like LBank involves understanding various order types to execute trades effectively. This article will guide you through the process of placing an order in LBank's contract trading section and help you decide between using a limit order and a market order.

Accessing LBank Contract Trading

To begin, you need to access the contract trading section on LBank. Here are the steps:

• Log into your LBank account. If you don't have an account, you will need to register and complete the necessary verification processes.
• Navigate to the 'Contract' section on the LBank platform. This section is specifically designed for futures and perpetual contracts trading.
• Select the cryptocurrency pair you wish to trade. LBank offers various pairs, so choose the one that aligns with your trading strategy.

Understanding Order Types

Before placing an order, it's crucial to understand the difference between a limit order and a market order.

• Limit Order: A limit order allows you to set a specific price at which you want to buy or sell a cryptocurrency. The order will only be executed if the market reaches your specified price. This type of order gives you more control over the price at which you trade but does not guarantee execution.
• Market Order: A market order, on the other hand, is executed immediately at the best available current market price. This type of order ensures that your trade is executed quickly but does not allow you to control the price.

Placing a Limit Order in LBank Contract

To place a limit order in LBank's contract trading section, follow these steps:

• Select the trading pair you want to trade.
• Click on the 'Limit' tab in the order entry section.
• Enter the price at which you want to buy or sell the contract. This is the limit price.
• Specify the quantity of contracts you wish to trade.
• Review your order details carefully. Make sure the price and quantity are correct.
• Click 'Buy' or 'Sell' to submit your order. Your order will now be placed in the order book and will be executed if the market reaches your specified price.

Placing a Market Order in LBank Contract

To place a market order in LBank's contract trading section, follow these steps:

• Select the trading pair you want to trade.
• Click on the 'Market' tab in the order entry section.
• Specify the quantity of contracts you wish to trade.
• Review your order details carefully. Make sure the quantity is correct.
• Click 'Buy' or 'Sell' to submit your order. Your order will be executed immediately at the best available market price.

Choosing Between Limit and Market Orders

Choosing between a limit order and a market order depends on your trading goals and market conditions.

• Use a limit order if you want to control the price at which you trade. This is particularly useful in volatile markets where prices can fluctuate rapidly. A limit order allows you to set a price that you are comfortable with, but it may not be executed if the market does not reach your specified price.
• Use a market order if you want to execute your trade quickly. This is useful when you need to enter or exit a position immediately, regardless of the price. However, be aware that market orders can result in slippage, where the executed price differs from the expected price due to rapid market movements.

Managing Your Orders

After placing your order, it's important to monitor and manage it effectively.

• Check the order status in the 'Open Orders' section of the LBank platform. This will show you whether your order is still pending or has been executed.
• Modify or cancel your order if necessary. If market conditions change, you may need to adjust your limit price or cancel your order altogether.
• Review your trade history to track your executed orders and analyze your trading performance.

Frequently Asked Questions

Q: Can I place multiple orders at the same time on LBank?

A: Yes, you can place multiple orders simultaneously on LBank. You can have both limit and market orders open for the same trading pair, allowing you to manage different trading strategies at the same time.

Q: What happens if my limit order is not executed?

A: If your limit order is not executed, it will remain in the order book until it is either filled or canceled. You can choose to cancel the order if you no longer wish to trade at the specified price.

Q: How can I avoid slippage when using market orders?

A: Slippage is inherent to market orders due to their immediate execution. To minimize slippage, you can trade during times of lower volatility or use smaller order sizes. Additionally, some platforms offer features like 'slippage tolerance' that allow you to set a maximum acceptable price deviation.

Q: Is there a fee difference between limit and market orders on LBank?

A: LBank's fee structure for contract trading typically includes both maker and taker fees. Limit orders that add liquidity to the market are usually charged maker fees, while market orders that take liquidity are charged taker fees. The specific fees can vary, so it's important to check LBank's fee schedule for the most current information.