Cryptocurrency Exchange That Supports Stop Loss Function

Cryptocurrency Exchange That Supports Stop Loss Function

The stop loss function is not new in the financial world. They have been around for a long time, especially on the stock market. By definition, stop loss is a type of order that aims to limit losses that may occur in cryptocurrency trading.

The concept of stop loss is where you place a sell order at a price less than that at the time of purchase. After the price falls to the specified limit, it automatically triggers sales so as to avoid losing too much money.

Do not want to miss, Cryptocurrency Exchange also makes use of stop loss on a large scale. The following Cryptocurrency exchanges have stop loss capabilities for all members.

1. Binance

This exchange has a simple and intuitive user interface that allows fast transactions. After entering, you will find a stop loss option in the top menu. Click and you are directed to a different page where something you are looking for is there. On this new page you will find a stop order box with a space where you must enter data as follows:

-The price stop lose you want

-Your preferred limit price

-The number of tokens to be sold sells

Your stop price shows the limit at which you want to sell or buy certain coins. This will appear in the order book. Coming to the limit price, you lock in the price at which the stop limit is automatically executed to prevent losses. Finally, for the amount, you enter the value of the coin you want to sell. This functionality allows a lot of flexibility. The same mechanism can be used for purchases.

2. Kraken

The Kraken has recently reintroduced several types of advanced orders that they have previously disabled. With the installation of a new trading machine, their system is now more efficient.

Furthermore, 10 currency pairs have also been added. The type of advanced orders that are activated are stop loss and take profit. The sell stop loss order triggers market sales when the trade is executed at the exchange at or below the stop price.

A sell order to take profit to execute market sales on an exchange trade or above the take profit price. As simple as that.

3. Poloniex

This is also another exchange that is quite easy to use. Just log in to your account and start. You will find a stop-limit box on the main screen. Similar to binance, this box has three inputs, namely stop, limit and number. Let's explore every example of buying and selling.

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