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Is it possible to use Robinhood to set up a stop loss order for my Bitcoin investments?

avatarGnaneswar RajuDec 25, 2021 · 3 years ago1 answers

I am interested in using Robinhood to manage my Bitcoin investments, and I want to know if it is possible to set up a stop loss order for my Bitcoin holdings on the platform. Can I use Robinhood's features to automatically sell my Bitcoin if the price drops below a certain level? How does the stop loss order work on Robinhood for Bitcoin investments?

Is it possible to use Robinhood to set up a stop loss order for my Bitcoin investments?

1 answers

  • avatarDec 25, 2021 · 3 years ago
    Yes, you can use Robinhood to set up a stop loss order for your Bitcoin investments. Robinhood offers a feature called 'Stop Limit' order, which allows you to set a specific price at which you want to sell your Bitcoin if the price drops below that level. This can be a useful tool for managing risk and protecting your investment in Bitcoin. To set up a stop loss order on Robinhood, you need to go to the 'Trade' section, select 'Sell', and then choose 'Stop Limit' order type. From there, you can set the stop price and the limit price to define your stop loss order for Bitcoin. Keep in mind that stop loss orders are not guaranteed to execute at the specified price, especially in volatile markets.