Targeting professional investors, Coinbase Pro which now is Coinbase Advanced Trade has been developed for providing such users with next-gen crypto trading technology and features. This way they can maximize the benefits that they were previously deriving from their crypto trading activities. With the merger of Coinbase and Advanced Trade, it is now more than easy for all users to access basic as well as Advanced Trading facility.
Being a user of Coinbase Pro, it would be easy for you to understand what features does "Advanced Trade" tab offers. However, if you are new to this, you might be having difficulty learning all its functions and its operations. So, in today's blog post, we will be shedding some light on a few basic operations that you can perform via the Advanced Trade tab on Coinbase.
As it is clear from the title, this blog post is going to be all about placing the "Stop order" or "Limit Order" on the Advanced Trade. So, without further ado, let's jump right into it.
Know about Stop limit orders and how to place it
Before I tell you the steps to place a Stop limit order on Coinbase Advanced Trade, I would like you to understand what it actually is. The main advantage of enabling this order type is to let users buy or sell crypto assets when their price reaches a specific value. This way, traders can gain profits and avoid facing any losses. To place a stop order, this is what you need to do:
- After signing into your account, go to the "Advanced Trade" tab from the "Trade" menu
- Followed by this, you need to select the "STOP" option from the "Orders Form"
- And then, make a selection for the "Buy" or "Sell" order
- In the given field, specify the amount and the "Stop Price"
- Followed by this, you need to specify the "Limit Price"
That's all you need to do.
What is a LIMIT order and how to place it?
By placing a limit order through your Coinbase Advanced Trade account, you will be able to set a minimum price for the order to execute at that particular point. As soon as you apply these steps, the order will be executed at a particular price or the higher price than the set value. To place a LIMIT order, you need to follow the steps that are listed below:
- Go to the Coinbase Advanced Trade webpage and then sign into your account
- After signing in, go to the "Orders Form" section present in the "Trade view"
- Now, select if you wish to place a buy or sell order
- Followed by this, specify the order size as well as the price
- Next up, you can select the "Post Only" or "Allow taker" option
- On the final screen, select "Place Order"
After reading through this post, I hope you got my point and understood what could be done if you wish to learn something new about placing orders on the Coinbase Advanced Trade exchange. To be specific, here we have talked about the ways to place a Stop and Limit order on the platform which aim to provide you with additional benefits.