Why is my Buy order on Binance didn't fill?
Yesterday, I set a Limit buy order on Binance for NPXS token. I set the price at 9 satoshi and at some point I saw the market price of NPXS touched 9 Satoshi. However my order was not filled.
So why my order did not execute even though the price went down to my price?
What went wrong. Can someone please explain?
It is because someone before you had placed the buy order at same price and their order got filled first. It is based on first in, first out order. You might have joined the queue late and so should wait until there are enough buyers ready to purchase at your price.
Yes, John is correct. Binance and every other exchanges works on first come first serve basis.
If you place a limit order then for your order to get filled the market price have to reach the limit price that you set. But even if the market price matches your limit price there must be enough buyers or sellers for everyone's order to get filled. This concept applies to both Buy and Sell orders.
The reason why your order didn't go through is because you put your order on top of somebody else. You joined the price queue where other users are already waiting to buy or sell coins at the same price.
For example let's say you wanted to buy 100000 NPXS tokens at 9 satoshi each.
Now let's pretend there are 5 other people who have already placed a limit buy order of 100000 NPXS tokens at 9 satoshi each. Now you joined the end of the price queue.
Now a seller comes along and willing to sell his NPXS token at buyers price (9 satoshi). But he is only willing to sell 150000 coins.
The first person order will get filled 100%. After the first person quota has been filled it then moves down to the second person and their order will only get filled partially (50%). Rest all other user orders including yours will remain unfilled.
You will have to wait until another buyer comes in and is willing to buy at that price to fill both your order and the rest of other user orders.