Coinbase, Exchanges

Can You Set a Stop-Loss and Limit Sell at the Same Time on Coinbase Pro?

As digital currency exchanges go, Coinbase Pro is pretty great. It’s user-friendly, has a good mobile app, and is one of the most popular exchanges available.

But one thing that Coinbase Pro doesn’t have is the ability to set a stop-loss and limit sell at the same time. That’s not a huge dealbreaker, but it is something to be aware of if you’re thinking about using Coinbase Pro to trade digital currencies.

If you’re not familiar with stop-loss orders, they’re basically a way to limit your losses on a trade. For example, let’s say you buy a digital currency for $100 and you set a stop-loss at $95.

That means if the price of the digital currency drops to $95, your order will automatically sell at that price and you will lose $5 on the trade.

Limit sell orders are basically the opposite of stop-loss orders. They allow you to take profits on a trade when the price reaches a certain level.

NOTE: WARNING: Setting a stop-loss and limit sell at the same time on Coinbase Pro can be risky, as Coinbase Pro does not guarantee that both orders will be executed. There is a chance that one or both orders may not be executed due to market conditions or other factors. Therefore, it is important to understand the risks associated with this type of order before attempting it.

So, using the same example as above, let’s say you set a limit sell at $105. That means if the price of the digital currency goes up to $105, your order will automatically sell at that price and you will make $5 on the trade.

The ability to set both a stop-loss and limit sell would be useful because it would allow you to automate your trading strategy. For example, if you wanted to buy a digital currency and hold it for long-term growth, you could set a stop-loss at 10% below the purchase price and a limit sell at 20% above the purchase price.

That way, if the price dropped 10%, your order would automatically sell and you would limit your losses. And if the price rose 20%, your order would automatically sell and you would take profits.

Unfortunately, Coinbase Pro doesn’t currently offer this feature. So, if you want to use stop-loss and limit sell orders, you’ll need to use another exchange.

There are plenty of other good exchanges out there that do offer this feature, so it shouldn’t be too difficult to find one that meets your needs.

Previous ArticleNext Article