Coinbase Pro, the advanced trading platform of cryptocurrency exchange Coinbase, has limit orders. This was not always the case – in the early days of Coinbase Pro, only market orders were available.
But as the exchange has grown and evolved, so too has its trading platform. Now, limit orders are an important part of Coinbase Pro’s toolkit.
What are limit orders? A limit order is an order to buy or sell a security at a specific price or better. For example, if you place a buy limit order for Bitcoin at $10,000, your order will only be executed if the price of Bitcoin falls to $10,000 or below.
If the price of Bitcoin never falls to $10,000, your order will never be executed.
Limit orders give traders more control over their trades than market orders. With a market order, you simply buy or sell at the best available price.
With a limit order, you can specify the exact price at which you want your trade to be executed. This can be useful if you think that the current market price is unfair and you want to wait for a better price.
Of course, there is no guarantee that your limit order will be executed. The price of the security may never reach your specified price.
Or, if it does reach your specified price, it may only do so for a brief instant and then continue moving in the opposite direction. As such, limit orders require a bit more patience and attention than market orders.
Coinbase Pro’s user interface is designed with this in mind. The interface makes it easy to place and monitor limit orders.
You can see all of your open orders in one place, and you’ll receive an email notification if and when your order is executed.
If you’re looking for more control over your trades, Coinbase Pro’s limit orders may be right for you. Just remember that there are no guarantees in trading – even with a limit order in place, your trade may never be executed.