What is a stop-limit order?
A stop-limit order is a limit order with a limit price and a stop price. Set the order price and quantity and the stop-limit price of the order. When the latest market price reaches the stop-limit, the system will automatically place a limit price order according to the order price and quantity preset by the user. The limit order will be executed once the limit price is reached.
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.
Please note that after the market price reaches your limit price, your order will be executed as a limit order. If you set the stop-loss limit too high or the take-profit limit too low, your order may never be filled because the market price cannot reach the limit price you set.
Note: When placing a stop-limit order, if the trigger price you set = the latest market price, your stop-limit order will be converted to a limit order automatically.
How to place a stop-limit order on BitForex
1. Log in to your BitForex account and go to [Trade] - [Spot]. Select [Stop-limit].
2. Enter the stop price, limit price, and the amount of crypto you wish to purchase. Click [Buy] or [Sell] to confirm the details of the transaction.