During my second trade on Binance I noticed there were 2 options for selling: limit orders & stop-limit orders. From doing a search, reading an Investopedia article, and watching a short YouTube video (linked below) I gathered that the difference is in how the trade is executed. Once a stop-limit order's target is reached it then turns into a limit order and can be "limited" to fill above above or below the stop-price. So if I put in a limit order at .00055BTC it would fill as soon as the lowest ask(sell) price is over that amount at a slightly less specific variety of prices (according to the offers at that time when the value hits your limit price)...but with stop-limit I can say wait til the lowest ask hits .00055BTC then fill at .00060 (betting that someone will try to sell above the lowest ask fairly quickly)....So I can actually get a little higher or lower price with a stop-limit.
Again I am just a newbie trying to figure this out myself so I would like some confirmation, if anyone out there is able and willing! It would be much appreciated.
PROS/CONS:
The only advantage I see from using straight limit vs. stop-limit is a more flexible (and likely) sell. Disadvantage is that it could sell at a more undesirable price....more clarification would be appreciated on the pros/cons here from someone more familiar with these types of orders-- inside-and-out!
Here's the YouTube vid. I saw after Googling difference between limit and stop-limit order:
Here is a great explanation from Binance on their stop-limit orders. Unfortunately they don't go into limit orders and leave that to yourself. I suppose it is a matter of logic and reasoning on the trader.
https://support.binance.com/hc/en-us/articles/115003372072