Frequently Asked Questions
- What is a Stop Loss Order?
- Can I create a Stop Loss or Take Profit Order on the CoinSpot Mobile App?
- How do I set a Stop Loss Order?
- What is a Take Profit Order?
- How do I set a Take Profit Order?
- What if my Stop Loss or Take Profit Order doesn’t execute?
- Are there transaction limits on these order types?
- Fee for Stop Loss and Take Profit Orders?
What is a Stop Loss Order?
A Stop Loss Order is a type of order where a user can set the amount of an asset they wish to sell at a desired price BELOW the current market price.
This could be used in circumstances where you feel the price of your coin may decrease and you want to sell at a specific price target, but do not want to watch your screen until this happens.
Can I create a Stop Loss or Take Profit Order on the CoinSpot Mobile App?
Yes, you certainly can! Advanced Orders are now available through the latest update on the CoinSpot Mobile App. Instructions on how to set up a Stop Loss & Take Profit Orders through the app can be located below:
How do I set a Stop Loss Order?
Locating Stop Loss Order
1. You can place this type of order by navigating to the 'Buy/Sell' page.
Figure 1. Stop Loss & Take Profit Orders - Stop Loss - (Buy/Sell Button)
2. Then locate the coin you wish to set a Stop Loss order for > Then select 'Sell BTC'.
*We will be using BTC as an example.
Figure 2. Stop Loss & Take Profit Orders - Stop Loss - (Locating Coin)
3. Within the BTC Sell page, select Order [COIN] tab(1) > Then select Stop Loss(2).
Figure 3. Stop Loss & Take Profit Orders - Stop Loss - (Advanced Order Page)
4. Enter the details of the Stop Loss Order(1) and select Set Stop Loss(2).
Figure 4. Stop Loss & Take Profit Orders - Stop Loss - (Setting Stop Loss Order)
5. Review the details one last time > Once you are ready to place your order, select 'Confirm Stop Loss Order'.
Figure 5. Stop Loss & Take Profit Orders - Stop Loss - (Confirming Stop Loss Order)
Example
- The current market price is $63,325.
- The user would like to sell 1 Bitcoin (BTC) if the price drops to $60,000.
They would enter the figures as shown in the screenshot below. If the price drops to $60,000 this would trigger the system to sell their BTC without the user having to manually attempt the trade themselves.
Figure 6. Stop Loss & Take Profit Orders - Stop Loss - (Example)
NOTE: Orders are placed via our Instant Buy/Sell service. Your order will execute once your trigger price is reached and there is enough available liquidity to complete your order.
Orders are facilitated through our complex network of exchange partners when our system determines that the sell will be executed at the trigger rate or as close to the rate as possible.
If the market is moving rapidly or there is not enough available liquidity your order may not execute or your order may execute at a rate below the price you set. Please manage your risk appropriately when using this feature.
What is a Take Profit Order?
A Take Profit Order can be used to sell your coins if the price reaches a set amount ABOVE the current market price.
This could be used in circumstances where you feel the price of your coin may increase and you want to sell at a specific price target, but do not want to watch your screen until this happens.
How do I set a Take Profit Order?
Locating Take Profit Order
1. You can place this type of order by navigating to the 'Buy/Sell' page.
Figure 7. Stop Loss & Take Profit Orders - Take Profit - (Buy/Sell Button)
2. Then locate the coin you wish to set a Take Profit order for > Then select 'Sell BTC'.
*We will be using BTC as an example.
Figure 8. Stop Loss & Take Profit Orders - Take Profit - (Locating Coin)
3. Within the BTC Sell page, select Order [COIN] tab(1) > Then select Take Profit(2).
Figure 9. Stop Loss & Take Profit Orders - Take Profit - (Advanced Order Page)
4. Enter the details of the Take Profit order(1) and select Set Take Profit(2).
Figure 10. Stop Loss & Take Profit Orders - Take Profit - (Setting Take Profit Order)
5. Review the details one last time > Once you are ready to place your order, select 'Confirm Take Profit Order'.
Figure 11. Stop Loss & Take Profit Orders - Take Profit - (Confirming Take Profit Order)
Example
- The current market price is $63,364
- The user would like to sell 1 Bitcoin (BTC) if the price rises to $65,000
They would enter the figures as shown in the screenshot below. If the price rises to $65,000 this would trigger the system to sell their BTC without the user having to manually attempt the trade themselves.
Figure 12. Stop Loss & Take Profit Orders - Take Profit - (Example)
NOTE: Orders are placed via our Instant Buy/Sell service. Your order will execute once your trigger price is reached and there is enough available liquidity to complete your order.
Orders are facilitated through our complex network of exchange partners when our system determines that the sell will be executed at the trigger rate or as close to the rate as possible.
If the market is moving rapidly or there is not enough available liquidity your order may not execute or your order may execute at a rate below the price you set. Please manage your risk appropriately when using this feature.
What if my Stop Loss or Take Profit Order doesn’t execute?
While your order is active and has not yet been executed or cancelled, it will remain in the Open Orders page.
These orders will not expire, so please be sure to cancel any orders that you do not wish to remain open.
Are there transaction limits on these order types?
There are no limits for the size of Stop Loss and Take Profit Orders, although larger orders may be broken down and executed at different rates.
Please note that if multiple Stop Loss or Take Profit Orders are made at the same price, these will execute one at a time on a first made, first executed basis.
Fee for Stop Loss and Take Profit Orders?
Stop Loss and Take Profit Orders via our Instant Buy/Sell pages allow you to execute your trade at a 1% fee per trade. The fee will be displayed clearly on the confirmation window prior to confirming the transaction.
Do my funds get held for these order types?
Stop Loss and Take Profit Orders allow you to set your assets aside to make a trade if/when the price gets to your set value. When creating an order of this type, please note that your funds will be held until the order executes or you cancel your order via the Open Orders page.
Disclaimer: CoinSpot does not guarantee Stop Loss and Take Profit Orders will execute at the set rate. Although these orders types generally fill at approximately the price specified, notable slippage may cause an order to execute at a lower rate. Technological issues or volatile market conditions may cause these order types to be ineffective and/or impossible to execute in these cases. CoinSpot is not responsible for any losses incurred as a result of using any of our order types.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.
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