A stop-limit order is a limit order that has a limit price and a stop price. When the market price reaches your stop price, the limit order will be placed on the order book with the limit price you set. Once the limit price is reached, the limit order will be executed.
-Stop price: When the asset’s price reaches the stop price, the stop-limit order is executed to buy or sell the asset at the limit price or better.
-Limit price: The selected (or potentially better) price at which the stop-limit order is executed.
Although the stop price and limit price can be the same, this is not a requirement, it would be safer for you to set the stop price (trigger price) a bit higher than the limit price for sell orders, or a bit lower than the limit price for buy orders. This increases the chances of your limit order getting filled after the stop price is reached.
Please note that after the market price reaches your limit price, your order will be executed as a limit order. If you set the limit price too high or too low, your order may never be filled because the market price cannot reach the limit price you set. In addition, when the market liquidity is insufficient, even though the market price reached your limit price, your order may not be 100% filled.
How to place a Stop-Limit order on Coins Pro?
1.Before placing a stop-limit order, you need to choose the stop price that triggers the limit order, then set your limit price, and the amount of crypto you wish to trade. The current price is 12.80. You can set the stop price above the current price, such as 13, or below the current price, such as 12. Once the price goes up to 13 or drops to 12, the stop-limit order will be triggered, and the limit order will be automatically placed on the order book.
2.Click Buy to place your Stop-Limit buy order.