What is a stop order and how can I use it on Coinbase Pro?

3 answers

• Nov 24, 2021 · 3 years ago
  A stop order is a type of order that is placed to buy or sell a cryptocurrency when it reaches a certain price level. It is used to limit potential losses or to lock in profits. On Coinbase Pro, you can place a stop order by selecting the 'Stop' option when creating a new order. You will need to specify the stop price, which is the price at which the order will be triggered. Once the stop price is reached, the stop order will be converted into a market order and executed at the best available price.
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• Nov 24, 2021 · 3 years ago
  Stop orders are a useful tool for managing risk in cryptocurrency trading. They allow you to automatically buy or sell a cryptocurrency when it reaches a specific price, without having to constantly monitor the market. On Coinbase Pro, you can set a stop order by specifying the stop price and the amount of cryptocurrency you want to buy or sell. It's important to note that stop orders are not guaranteed to be executed at the exact stop price, especially in volatile markets. However, they can still be effective in helping you manage your trades.
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• Nov 24, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also supports stop orders. To use a stop order on BYDFi, you can follow a similar process as on Coinbase Pro. Simply select the 'Stop' option when creating a new order and specify the stop price. BYDFi will then execute the order when the stop price is reached. Stop orders can be a valuable tool for traders looking to automate their trading strategies and manage their risk effectively.
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