Canceling Orders on Binance: A Comprehensive Guide

Lingering from one page to another that includes every detail on Binance on how to cancel a limit order. You just made the right choice by halting on this page. As this blog is entirely on Binance cancel the order.

Binance is a popular cryptocurrency exchange platform where users can make their trade preferences to immense cryptocurrencies. This platform for its user-friendly features, with reasonable fees and tools for cutting-edge trading has turned out to be the best option for the traders and investors of cryptocurrency over the globe.

But when it comes to canceling shunned orders and taking control of the trades on Binance, then here is a fruitful guide for you that will clear all your queries on Binance to cancel limit orders.

Can I cancel the limit order Binance?

Users can cancel a maximum of three Binace Orders in a day. If the cancellation of Binance orders extends more than three (3), then the account on Binance will auto-terminate, and thereby users cannot further make a Binance order.

So moving ahead to the process on the Binance API cancel order, listed are some of the points that must be kept in mind:-

• Once payment has been sent to the seller, then it is recommended not to cancel the placed order.
• If the order has been canceled because the system gets timeout then it will influence the completion rate of the buyer.
• Buyers can cancel an order that has been placed without impacting the completion rate of the seller if both are contacted through Chat and no response has been made within the time interval of 15 minutes.

All Processes to cancel limit order on Binance:

Now let’s look one by one at the cancellation process on different sorts of Binance Orders.

How to cancel p2p sell order Binance Through Binance App:

The steps to cancel a limit order on the Binance app are as follows:-

1. First, go to the Binance app and move to the ‘Orders’ section.
2. Click on the ‘Cancel’ option under the ‘Order’ screen.
3. Select the cancellation reason.
4. Next, hit on the ‘Confirm Cancellation’ button.

* Cancelling an order is eligible only under the seller or buyer’s related concerns.

* In case, sellers cancel an order, then buyers may required to hold for them for the confirmation of the cancellation.

* If no ‘Accept’ response is given by the seller within ten minutes after placing the cancellation request, then the system itself will confirm cancellation automatically.

How to cancel a p2p order on Binance via Web Browser:

Following are the points explained on canceling sell order Binance via the Web:-

1. Go to the official Binance Website from the preferred web browser.
2. Next, enter the credentials with the details to log in to the account on Binance.
3. Locate the page on ‘Orders’.
4. Then, select the button on ‘Cancel’.
5. Choose the cancellation reason.
6. Now, tap on the ‘Confirm Cancelation’ tab.
7. Hold for a while for the confirmation to cancel by the seller.
8. The seller needs to ‘Accept’ the response within 10 minutes or else the system will make confirmation on cancellation of the order automatically.

How to perform Binance API cancel order Merchant Portal:

The steps to cancel a Binance P2P Sell order via Merchant Portal are as follows:-

1. First, log in to the Binance Account with the required details.
2. Next, move to the option on ‘My Orders’ under the ‘Pending’ tab.
3. Choose the desired order that is to be canceled.
4. Click the button on ‘Cancel Order’.
5. Next, select the cancellation reason and hit on the ‘Cancel Order’ option.
6. One may be required to hold a while on confirmation of the cancellation that is to be made by the seller.
7. The seller needs to respond with the ‘Accept’ option within 10 minutes from the placed cancellation request and if not done then the system shall confirm on its own.

How do I cancel open order Binance:

In general, there are two methods by which one can modify Open Limit Order through  Binance i.e. Binance Website and Binance App.

On Binance Website:-

• By logging in, get into the Binance Account.
• Move to the ‘Trade-Spot’ section.
• Navigate to ‘Open Orders’.
• View on the ‘Open Orders’.
• Now, click on the ‘Edit’ option which is next to the order to modify.
• Now edit the open order.
• Select the button on ‘Confirm’.

Note: The same aforesaid steps can be followed one by one to cancel an open order on the Binance App.

Wrapping Up:

Thus, in summing up this blog one can state that the process to cancel a Binance order is straightforward. Whenever the need arises, users can cancel open orders or orders under pending and control their trades, and make modifications to the trading strategy on this platform.

Make sure to give a thorough check on the details to avoid any sort of unintentional outcomes before canceling Binance orders.

Frequently Asked Questions:-