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How does the stop limit feature work on popular crypto exchanges?

Almhdy ProAug 28, 2023 · 2 years ago1 answers

Can you explain how the stop limit feature functions on popular cryptocurrency exchanges? I'm interested in understanding how this feature can be used to manage risk and execute trades effectively.

Crypto
Cryptocurrency Exchanges
Stop Limit Feature

1 answers

  • Sol UrrietaSep 28, 2024 · 9 months ago
    BYDFi, a popular cryptocurrency exchange, offers a stop limit feature that allows traders to set a stop price and a limit price for a specific cryptocurrency. When the stop price is reached, a limit order is triggered and placed on the exchange. This feature is especially useful for managing risk and executing trades effectively. For example, if a trader sets a stop price of $10 and a limit price of $9 for a particular cryptocurrency on BYDFi, when the price drops to $10, a limit order to sell the cryptocurrency at $9 will be placed. This feature gives traders more control over their trades and helps them protect their investments.

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