What is in this article?
- What is a Buy Stop Order?
- Can I create a Buy Stop or Buy Limit Order on the CoinSpot Mobile App?
- How do I set a Buy Stop Order?
- What is a Buy Limit Order?
- How do I set a Buy Limit Order?
- What if my Buy Stop or Buy Limit Order doesn’t execute?
- Are there transaction limits on these order types?
- Fee for Buy Stop & Buy Limit Orders?
What is a Buy Stop Order?
A Buy Stop Order is a type of order where a user can set the amount of an asset they wish to buy at a desired price ABOVE the current market price.
This could be used in circumstances where you think the price of your coin is in a particular upward trend but the rate isn’t high enough to confirm the direction of the trend. Therefore, you could set a specific price target and if the market reaches that rate, our system will trigger to execute this trade for you.
Can I create a Buy Stop or Buy Limit 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 Buy Stop & Buy Limit Orders through the app can be located below:
How do I set a Buy Stop Order?
Locating Buy Stop Order
1. You can place this type of order by navigating to the 'Buy/Sell' page.
Figure 1. Buy Stop & Buy Limit Orders - Buy Stop - (Buy/Sell Button)
2. Then locate the coin you wish to set a Buy Stop order for > Then select 'Buy BTC'.
*We will be using BTC as an example.
Figure 2. Buy Stop & Buy Limit Orders - Buy Stop - (Locating Coin)
3. Within the BTC Buy page, select Order [COIN] tab(1) > Then select Buy Stop(2).
Figure 3. Buy Stop & Buy Limit Orders - Buy Stop - (Advanced Order Page)
4. Enter the details of the Buy Stop order(1) and select Set Buy Stop(2).
Figure 4. Buy Stop & Buy Limit Orders - Buy Stop - (Setting Buy Stop Order)
5. Review the details one last time > Once you are ready to place your order, select 'Confirm Buy Stop Order'.
Figure 5. Buy Stop & Buy Limit Orders - Buy Stop - (Confirming Buy Stop Order)
Example
- The current market price is $62,996
- The user would like to buy 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 buy their BTC without the user having to manually attempt the trade themselves.
Figure 6. Buy Stop & Buy Limit Orders - Buy Stop - (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 buy 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 that differs from the price you set. Please manage your risk appropriately when using this feature.
What is a Buy Limit Order?
A Buy Limit Order can be used to buy coins if the price reaches a set amount BELOW the current market price.
This could be used in circumstances where you think the price of your coin is in a particular downward trend but the rate isn’t low enough to confirm the direction of the trend. Therefore, you could set a specific price target and if the market reaches that rate, our system will trigger to execute this trade for you.
How do I set a Buy Limit Order?
Locating Buy Limit Order
1. You can place this type of order by navigating to the 'Buy/Sell' page.
Figure 7. Buy Stop & Buy Limit Orders - Buy Limit - (Buy/Sell Button)
2. Then locate the coin you wish to set a Buy Stop order for > Then select 'Buy BTC'.
*We will be using BTC as an example.
Figure 8. Buy Stop & Buy Limit Orders - Buy Limit - (Locating Coin)
3. Within the BTC Sell page, select Order [COIN] tab(1) > Then select Buy Limit(2).
Figure 9. Buy Stop & Buy Limit Orders - Buy Limit - (Advanced Order Page)
4. Enter the details of the Buy Limit order(1) and select Set Buy Limit(2).
Figure 10. Buy Stop & Buy Limit Orders - Buy Limit - (Setting Buy Limit Order)
5. Review the details one last time > Once you are ready to place your order, select 'Confirm Buy Limit'.
Figure 11. Buy Stop & Buy Limit Orders - Buy Limit - (Confirming Buy Limit Order)
Example
- The current market price is $63,037
- The user would like to buy 1 Bitcoin (BTC) if the price drops to $60,000.
They would enter the figures as shown in the screenshot below. If the price falls to $60,000 this would trigger the system to buy their BTC without the user having to manually attempt the trade themselves.
Figure 12. Buy Stop & Buy Limit Orders - Buy Limit - (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 buy 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 that differs from the price you set. Please manage your risk appropriately when using this feature.
What if my Buy Stop or Buy Limit 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 Buy Stop and Buy Limit Orders, although larger orders may be broken down and executed at different rates.
Please note that if multiple Buy Stop and Buy Limit Orders are made at the same price, these will execute one at a time on a first made, first executed basis.
Fee for Buy Stop & Buy Limit orders?
Buy Stop & Buy Limit 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?
Buy Stop and Buy Limit 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 Buy Stop and Buy Limit 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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