How to become a maker in binance? | Bitcointalksearch.org

cryptoaddictchie

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Quote from: coinmanhere on April 07, 2022, 06:30:44 AM

Ok I found this simple question very confusing, is it simply puting limit order on binance? I have tried to find this question but get more confused so I thought this place is probably the best in world to completely clear my doubts. And is it same on other crypto trading platforms too? And also is it same for spot and future trading?

Yes, it same with spot and future. I believe all exchange limit order were same with the description of it.

Limit orders were set to price you wanna hit either you buy or sell. But to answer your question, its simply a put on order to buy or sell to be able to called as that. Anything you set is a maker already as long as you contributed to the volume of trading.

Oshosondy

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Quote from: coinmanhere on April 07, 2022, 07:31:39 AM

like do I become maker all the time whenever I put limit order on binance.

It depends.

If you chose a market price, the order will fill immediately, that means you are a taker
If you choose limit order and the trade did not filled immediately, that means you are a maker, but you can choose a price at limit order in a way your trade can be filled immediately, you are a maker.

hosseinimr93

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Quote from: coinmanhere on April 07, 2022, 07:31:39 AM

And a bit more specific question related to that lets say bitcoin is at 45001 and I put limit order to buy it at 45000 now despite being limit order it will be most likely be filled in seconds will I still become a maker as I put limit order?

In this case, you are the maker because you make the order and someone will take the order.

Note that in every trade, there's one maker and one taker.
Maker is the one who creates the order and waits until it's filled by someone.
Taker is the one who fills the order created by a maker.

coinmanhere

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Thanks for the explanation I am already aware of all of that, what I asking is how to do it practically in simple words, like do I become maker all the time whenever I put limit order on binance. And a bit more specific question related to that lets say bitcoin is at 45001 and I put limit order to buy it at 45000 now despite being limit order it will be most likely be filled in seconds will I still become a maker as I put limit order?

Oshosondy

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You are not in the wrong place at all.

On exchanges and in trading, there are makers and takers. If you trade and the trade is not filled immediately, you are a maker. If you trade and the trade is filled immediately, you are a taker.

Some exchanges make this difference because the markers trading fee is lower than the takers trading fee.

Bttzed03

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https://bitcoincleanup.com/

Read this - Market Makers and Market Takers Explained

TL;DR

Quote from: https://academy.binance.com/en/articles/what-are-makers-and-takers

Markets are made up of makers and takers. The makers create buying or selling orders that aren’t carried out immediately (e.g., “sell BTC when the price hits $15k”). This creates liquidity, meaning it’s easier for others to instantly buy or sell BTC when the condition is met. The people that buy or sell instantly are called takers. In other words, the takers fill the orders created by the makers.

edit: The blog was published in 2018 that's why you see $15K there as an example and that's obviously not applicable now that BTC is at $43K. You can change that to selling at $100K or any amount higher than BTC's current price.

coinmanhere

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Ok I found this simple question very confusing, is it simply puting limit order on binance? I have tried to find this question but get more confused so I thought this place is probably the best in world to completely clear my doubts. And is it same on other crypto trading platforms too? And also is it same for spot and future trading?

Topic: How to become a maker in binance? (Read 92 times)