How To Use Stop Limit On Binance

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How To Use Stop Limit On Binance?

The price of cryptocurrency rises and falls very quickly. This makes impossible for you to buy or sell your cryptocurrency on time. At Binance there is service which is used by the user to buy or sell the cryptocurrency according to their need – Stop Limit. So, How To Use Stop Limit On Binance?

Stop Limit

Stop limit is an order that is executed when the stop price has reached the specified price.

Explanation of Terms:

Stop Price: When the price of the digital currency reaches the given stop price, the stop limit will start working. It will execute the command of buy or sell at the limit price or better.

Limit Price: This is the price where your stop-limit order will be executed. This means that your cryptocurrency is sold or bought at this point.

Quantity: Here you have to enter the number of altcoins you want to sell or buy.

How To Use Stop Limit On Binance?

Using the stop limit can be very useful for the user. As this provides you the facility of buying and selling your digital currency according to your wish. So here are the following steps:

Step1: Go to the top of the screen where you will find the “Exchange” tab click on it and then select “Basic”.

After selecting that the screen will pop up. Here you see three options in the middle of the screen – Limit, Market, and Stop Limit.

It is a commission secure process which is very low. This means that you have to pay the commission to the exchange when the stop-limit is executed.

Step2: Now click on the “Stop Limit” button to start the procedure. When you select it you have to decide if you want to sell your digital currency or buy it.

To Buy the digital Currency

Here you have to enter the value for the “Stop Price”, “Limit Price”, and “Amount”.

Stop Price: Enter the limit where you want to start the process. For Example 300

Limit Price: here you have to enter the value where you want to buy the altcoins. Here you can put 310

Amount: the quantity of the currency you want to buy. For example 100

To Sell The Digital Currency

If you do not want to suffer the loss then this step is very important for you. Here also you have to enter the same value but with a small difference.

Stop Price: Enter the price where you want to start the process say 350.

Limit Price: limit for the execution of Stop limit order like 340 or less according to your wish.

Amount: Enter the quantity of currency you want to sell.

Step3: Click on the “Buy” or “Sell” button.

Step4: A final pop up will emerge. In this, the information will be provided explaining when will the stop-limit is executed. Click on the “Ok” button.

You have now applied the stop limit on Binance.

 Conclusion

From the above steps, you have got the answer to the question How To Use Stop Limit On Binance? Follow the above-mentioned steps and save yourself from the unnecessary loss.

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