Advanced Orders are now available through the latest CoinSpot Mobile App update! Set a Buy Limit or Buy Stop Order through the Mobile App utilising the instructions provided below.
If you are looking for instructions on how to set a Stop Loss or Take Profit Order on the CoinSpot Mobile App, please refer to the article below:
To cancel or view any Open and Completed Advanced Orders on the CoinSpot Mobile App, please refer to the article below:
If you are having issues with completing the Advanced Order Disclaimer via the CoinSpot Mobile App, please log into your CoinSpot account and head to your preferred coins Advanced Order Page.
What is in this article?
What is a Buy Limit & Buy Stop Order?
Buy Limit
A Buy Limit Order is a type of order where you can set the amount of the coin you would like to buy at a desired price 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.
Buy Stop
A Buy Stop Order is a type of order where you can set the amount of the coin you would like 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.
How do I set a Buy Limit Order
1. Tap on Quick Options Button (1) > Select Advanced Orders(2).
Figure 1. CoinSpot Mobile App - Buy Limit - (Quick Options Menu)
2. Tap on ‘Buy Limit’.
Figure 2. CoinSpot Mobile App - Buy Limit - (Order Options)
3. ‘Search or select the coin’ you are looking to set a Buy Limit for.
In the following example we will be using Ethereum (ETH).
Figure 3. CoinSpot Mobile App - Buy Limit - (Select Coin)
4. Enter your desired Buy Price if it were to fall(1) > Enter the Purchase Amount(2) > Review your order and once you are ready, tap on Preview Buy Limit(3).
⭑ Optional: Press on the inverted arrows to switch and view between coin or AUD value denomination.
Figure 4. CoinSpot Mobile App - Buy Limit - (ETH Buy Limit Example)
5. Review your Buy Limit Order > Once you are ready to place your order, tap ‘Confirm Order’.
Figure 5. CoinSpot Mobile App - Buy Limit - (Confirm Buy Limit)
6. Congratulations, you have successfully set a Buy Limit Order!
To view or update your Advanced Order, select ‘Go to Open Orders’.
For detailed instructions on how to view or delete an order, please refer to our CoinSpot Mobile App - Manage Advanced Orders article.
Figure 6. CoinSpot Mobile App - Buy Limit - (Buy Limit Complete)
How do I set a Buy Stop Order
1. Tap on Quick Options Button (1) > Select Advanced Orders(2).
Figure 7. CoinSpot Mobile App - Buy Stop - (Quick Options Menu)
2. Tap on ‘Buy Stop’.
Figure 8. CoinSpot Mobile App - Buy Stop - (Order Options)
3. ‘Search or select the coin’ you are looking to set a Buy Stop for.
In the following example we will be using Ethereum (ETH).
Figure 9. CoinSpot Mobile App - Buy Stop - (Select Coin)
4. Enter your desired Buy Price if it were to rise(1) > Enter the Purchase Amount(2) > Review your order and once you are ready, tap on Preview Buy Stop(3).
⭑ Optional: Press on the inverted arrows to switch and view between coin or AUD value denomination.
Figure 10. CoinSpot Mobile App - Buy Stop - (ETH Buy Stop Example)
5. Review your Buy Stop Order and once you are ready to place your order, tap ‘Confirm Order’.
Figure 11. CoinSpot Mobile App - Buy Stop - (Confirm Buy Stop)
6. Congratulations, you have successfully set a Buy Stop Order!
To view or update your Advanced Order, select ‘Go to Open Orders’.
For detailed instructions on how to view or delete an order, please refer to our CoinSpot Mobile App - Manage Advanced Orders article.
Figure 12. CoinSpot Mobile App - Buy Stop - (Buy Stop Complete)
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.
Market volatility may cause executed orders to differ from the requested trigger price.
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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