In cryptocurrency trading, Maker and Taker are two commonly used order types.
Maker refers to an order that only serves as a Maker order, while a Taker order is an order that removes liquidity from the order book upon execution. A Maker order is a passive order that does not immediately execute in the market but is added to the order book to provide liquidity to the market, therefore also known as an order that adds liquidity to the market. A Maker order is usually used for buying or selling at a specified price range without the need for immediate execution, in order to obtain a better trading price.
In trading, Maker orders are usually more cost-effective than Taker orders, as Maker's opening and closing rates are usually lower than Taker's rates. This is also why many traders prefer to only make Maker orders.
It should be noted that if a Maker-only order is placed at a price that matches an existing order, the order will be canceled because it no longer provides liquidity.
When placing an order, selecting the option to Maker-only can help reduce transaction fees for traders and also provide more liquidity to the market, thereby promoting trading activity. If immediate execution is required, a Taker order can be selected, but at a higher cost. Traders can choose the appropriate order type based on their needs and market conditions.
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