How does the 'stop limit on quote' feature work in cryptocurrency exchanges?

3 answers

• Tammam R RahhalJan 01, 2021 · 5 years ago
  Sure! The 'stop limit on quote' feature in cryptocurrency exchanges allows traders to set a stop price and a limit price for their orders. When the stop price is reached, a limit order is triggered. This feature is useful for managing risk and protecting profits. For example, if you're long on a cryptocurrency and want to sell if the price drops to a certain level, you can set a stop price as the trigger and a limit price as the minimum price you're willing to sell at. This way, you can automate your selling process and avoid emotional decision-making.
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• Powell RocheDec 05, 2020 · 5 years ago
  The 'stop limit on quote' feature is like having a safety net for your trades. It helps you set a price level at which you want to buy or sell a cryptocurrency. When the market reaches that price level, your order is executed automatically. This feature is especially useful when you can't constantly monitor the market. Just set your stop price and limit price, and let the exchange take care of the rest.
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• StartUp BusinessOct 22, 2021 · 4 years ago
  BYDFi, a popular cryptocurrency exchange, offers the 'stop limit on quote' feature to its users. It allows traders to set a stop price and a limit price for their orders. When the stop price is reached, a limit order is triggered. This feature is great for managing risk and ensuring that your trades are executed at the desired price. With BYDFi's intuitive interface, setting up 'stop limit on quote' orders is a breeze.
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