Stop orders are now available on Coinbase Exchange, Coinbase has just announced.
Stop orders enable customers to buy or sell bitcoin at a specified price. This order type helps traders protect profits, limit losses, and also initiate new positions when the market breaks out.
To place a stop order on Coinbase Exchange, traders have to:
- Sign in to Coinbase Exchange;
- Select the STOP tab on the orders panel;
- Choose whether they want to place a “Buy” or “Sell” stop order;
- Enter the amount of bitcoin they want to buy or sell;
- Set the price at which they want to trigger the order;
- Click the “Place Buy Stop” or “Place Sell Stop” to place the order.
Once submitted, stop orders are immediately visible on the open orders panel and can be cancelled by clicking the “X” in the status column. Customers using programmatic or automated trading strategies can also place stop orders via the STOP ORDER endpoint in the Coinbase Exchange API.
For the announcement from Coinbase, click here.