When trading cryptocurrencies on Binance, you may want to place a stop-limit order. This type of order lets you specify the price at which you want to buy or sell, as well as the price at which you want to stop the trade.
In this article, we’ll show you how to place a stop-limit order on Binance.
If you’re not familiar with stop-limit orders, they can be a useful tool for managing your risks when trading cryptocurrencies. A stop-limit order is an order to buy or sell a cryptocurrency at a specified price or better.
However, the order will only be executed if the price reaches your specified stop price.
For example, let’s say that you’re currently trading Bitcoin at $10,000 per coin. You might place a stop-limit order to buy Bitcoin at $9,000 per coin.
If the price of Bitcoin falls to $9,000 or below, your order will be executed and you will buy Bitcoin at $9,000 per coin. However, if the price of Bitcoin does not fall to $9,000, your order will not be executed.
Stop-limit orders can be used to protect yourself from losses if the price of a cryptocurrency falls sharply. They can also be used to take profits if the price of a cryptocurrency rises sharply.
To place a stop-limit order on Binance, log in to your account and go to the “Exchange” page. Then, select the “Basic” view from the drop-down menu at the top of the page.
On the “Basic” exchange page, find the cryptocurrency that you want to trade in the “Market” column on the left side of the page. Then, click on the “Stop-Limit” tab next to “Buy” or “Sell” in the center of the page.
In the “Stop Price” field, enter the price at which you want your order to be executed. In this example, we’ll use $9,000 as our stop price.
Then, in the “Limit Price” field, enter the price at which you want to buy or sell your cryptocurrency. In our example, we’ll use $8,900 as our limit price.
Finally, enter how much of the cryptocurrency you want to buy or sell in either BTC or USDT (Tether). In our example, we’ll buy 1 BTC worth of Bitcoin.
Then click on either “Buy BTC” or “Sell BTC” depending on whether you’re buying or selling Bitcoin.
Your stop-limit order has now been placed and will remain active until it is either executed or canceled. If the price of Bitcoin falls to $9,000 or below before your order is canceled, it will be executed and you will buy Bitcoin at $8,900 per coin.
Otherwise, your order will remain active until it is manually canceled by you or expired by Binance.