What is a stop limit on quote order and how does it work in the context of cryptocurrency trading?

3 answers

• Dec 28, 2021 · 3 years ago
  A stop limit on quote order is a type of order that combines the features of a stop order and a limit order. It allows traders to set a specific price at which they want to buy or sell a cryptocurrency. When the market reaches the specified price, the order is triggered and becomes a limit order. This means that the order will only be executed at the specified price or better. It provides traders with more control over their trades and helps them manage their risk effectively.
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• Dec 28, 2021 · 3 years ago
  So, a stop limit on quote order is like having a safety net for your trades. Let's say you want to buy Bitcoin, but you only want to do so if the price reaches $50,000. You can set a stop limit on quote order with a stop price of $50,000 and a limit price of $50,001. If the price reaches $50,000, your order will be triggered and become a limit order to buy Bitcoin at $50,001 or better. This way, you don't have to constantly monitor the market and can enter a trade at your desired price automatically.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, we also offer the option to place stop limit on quote orders. It's a popular feature among our users as it allows them to set their desired entry or exit points in advance. With a stop limit on quote order, traders can take advantage of price movements without having to constantly watch the market. It's a great tool for both beginners and experienced traders to manage their trades effectively.
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