Update: Stop Limit order is now available for all coins in the USDT and BTC markets on WazirX.
Namaste Tribe! After furious coding, and a green flag from our QA team, Stop Limit has arrived on WazirX! It’s a little later than we had promised, but with the markets going crazy right now, the timing’s absolutely perfect.
Right now, Stop Limit order is available for TRX/USDT market. We’re rolling it out for more markets, and will announce as it happens.
How can I use it?
Stop Limit orders are “conditional” orders that will execute when the market reaches a triggered price set by you. You can set the price at which you want to trigger a stop limit order in the order form. Here are three major things that you can do with Stop Limit orders:
👉 Minimise losses
👉 Protect your profits
👉 Grab a buying opportunity
How to minimise your losses with Stop Limit orders
We all know that crypto markets are constantly changing, and highly volatile. And who likes to lose?
Example: Let’s say, you just bought 1 BTC at $8,500, and you’re afraid that its price might fall below $6,000 while you’re sleeping. What will you do if you don’t want to incur a huge loss? You can set a stop limit order. Yes, you can place a stop limit order to sell BTC at, say, $8,200, and your sell order will execute when the BTC market price falls to the triggered price of $8,200. Once your order gets executed, you got nothing to fear because Stop Limit is here 💪
How to protect your profits with Stop Limit orders
Are you someone who loves seeing chart patterns, and predict if a crypto will moon soon? Stop Limit orders are a great way to play on your gut, and protect your profits.
Example: Let’s say, you had bought 1 BTC at $5,000, and right now, BTC’s price is $8,000 — that’s $3,000 worth profits! You want BTC to moon, but also not lose your profits if there’s a market correction. So, you can place a stop limit order to sell BTC at $8,000, and it will execute if BTC price falls to $8,000 or below. This way, you will be able to protect your profits.
How to grab a buy opportunity
What will you do if you don’t want to miss a great opportunity to buy early? You can use Stop Limit to make sure that you buy a crypto before its price shoots up.
Example: Let’s say, you had bought 1 BTC at $6,000. You’re seeing BTC price rise like crazy, and you believe that if BTC crosses $9,000, it will reach $15,000. 🚀 So, you can place a stop limit order to buy BTC at $9,000, and it will execute if the price reaches or goes above $9,000. This way, you will be able to enjoy high profits when BTC moons.
Excited? Try it out, and tell your friends about Stop Limit by clicking here.
Last month, we had launched our new buy/sell order form to pave the way for this blockbuster feature, and it’s an absolute delight for pro-traders!
Our new order form + Stop Limit = 💣
Happy Trading 🚀
*Above content is migrated from medium to wazirx blogDisclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
