Cryptocurrency trading has become a popular investment option for individuals looking to take advantage of the market’s volatility. With more and more cryptocurrency trading platforms emerging, traders have access to a range of features to help them buy and sell assets. However, navigating the cryptocurrency market can be complex and challenging, especially for new traders. That’s where the powerful Spot Order trading tools offered by Coinlocally, come in.
In this article, we will introduce you to Coinlocally’s trading tools and Spot Order types, including Market Orders, Stop-Limit Orders, and OCO Orders. These tools can help traders make informed decisions and take advantage of the market’s volatility to maximize their profits.
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Table of Contents
• How do I place a Stop-Limit Order at Coinlocally?
• How do I place a Market Order at Coinlocally?
• How to Place a Stop-Limit Order at Coinlocally
What is an OCO Order?
Among a range of Spot order types, One-Cancels-the-Other (OCO) order combines one Stop-Limit order and one Limit order, with the condition that if one is fully or partially fulfilled, the other is canceled.
You place two orders at the same time, but when one of them is triggered, the other is canceled. As a result, only one of the orders can be carried out.
For example, the price of BTC is 20,000 dollars. You can use an OCO order to buy 1 BTC when the price reaches $18,000 or sell it when the price rises to 22,000$. One of the orders will be executed first, meaning that the second one will be systematically canceled.
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Buy Example
For buy orders, you can set the Stop price above the current price and the Limit price below the current price.
For instance, if the current market price of BTC is 20000, the Stop-Limit order will be triggered when the price goes up to 22000, and the Limit order will be canceled simultaneously. However, if the price drops to $18,000 or below, the Limit order will be executed automatically and the Stop-Limit order will be canceled.
For buy orders, we recommend:
• Stop-Loss Trigger Price (Stop-Limit) = Current Market Price
Sell Example
For sell orders, you can set the Stop price below the current price and the Limit price above the current price.
For example, if the price falls to $18,000, the stop-limit order will be triggered, and the limit order will be canceled at the same time. However, if the price goes up to $22000 or above, the limit order will be executed automatically and the Stop-Limit order will be canceled.
For sell orders, we recommend:
• Limit price > Current Market Price > Stop-Loss trigger price (Stop-Limit)
How do I place a Stop-Limit Order at Coinlocally?
• [Login] to your account and go to the “Spot Trading” page.
• Select the OCO order type.
• Set your [price] (the limit order’s price), [Stop] price (Trigger Price of your Stop-Limit order), [Limit] price (Limit Price of the Stop-Limit order) and enter the amount of crypto you wish to purchase.
Note: In the first box (Amount), you can see your asset values in BTC, and in the second box, you can see your asset values in USDT. You can also drag the bar to have the system automatically calculate your amount.
• Now, you can click [Buy BTC] or [Sell BTC] to place your OCO order for buying and selling your assets.
• Your OCO order will be placed in the order book, and you can see your order at the end of the Spot page in the [Open order] tab. When your order gets filled, you can see it in the [Order History] or [Trade History] tab.
Note: We recommend setting the limit price closer to the Stop-Loss trigger price.
What is Market Order?
A market order is a kind of Spot Order for buying or selling an asset immediately at the market’s current price. The order will be systematically executed at the current market price after you set it. You can switch between [Amount] and [Total] to buy or sell. [Amount] is recommended when you want to choose your specific quantity in BTC, and [Total] will be used when you want to choose your value in USDT.
Buy Example
If the current market price in BTC is $20,000, your order will be filled at the best available price on the order book immediately. The system will match your order with the best available sell orders on the market. Due to your order’s direction, the average filled price of your order may not be exactly 20,000$. In a buy situation, the average filled price may be slightly above the current price.
Sell Example
If the current market price in BTC is $20,000, your order will be filled at the best available price on the order book immediately. The system will match your order with the best available buy orders on the market. Due to your order’s direction, the average filled price of your order may not be exactly 20,000$. In a sell situation, the average filled price may be slightly below the current price.
How do I place a Market Order at Coinlocally?
• Log in to your account and go to the “Spot Trading” page.
• Choose your asset, like the BTC/USD pair.
• Choose the “Market” order type.
• Enter your [amount] or [total].
Note: You can enter your amount and see your asset’s value in BTC units. Also, you can click on the [Amount] button to switch your unit to USDT to observe your assets’ value in USDT. Also, you can drag the bar to have the system automatically calculate your amount or total.
• Now, you can click [Buy BTC] to buy an asset or click on [Sell BTC] to sell your assets immediately.
• Your Market Order will be placed in the order book and filled with the best available price on the market. You can check the amount of BTC purchased and the average price from [Order History] and [Trade History] at the end of the Spot trading page.
Note: When you click to place your market order for buying or selling an asset, at the same time the asset’s price drops or rises. In this situation, your order will not be filled in a specific quantity. There can be a little difference between your specified quantity and the purchased amount. You can place a market order to buy or sell again to reach the specific quantity that you want.
What is Stop-Limit Order?
A stop-limit order is a Spot Order that has a limit price and a stop price. After the market price hit the stop price, a limit order of your preset price and amount will be automatically submitted in the order book.
• Stop Price: When the asset’s price reaches the stop price, the Stop-Limit order is executed to buy or sell the asset at or above the limit price.
• Limit Price: The selected price at which the Stop-Limit order is executed.
• You can set the stop and limit the price to the same value. It is recommended, however, that the stop price for sell orders be slightly higher than the limit price.
• Please note that 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.
• A limit order is invalid if the stop price is not met.
Buy and Sell Example
If the current market price on BTC is 20,000$, You can set the stop price above the current price of 22,000$, or below the current price such as 18,000$. Once the price goes up to 22,000$ or drops to 18,000$, the stop-limit order will be triggered, and the limit order will be automatically placed on the order book.
How to Place a Stop-Limit Order at Coinlocally
[Login] to your account and go to the [Spot Trading] page.
• Choose your asset like the BTCUSDT pair.
• Choose [Stop-Limit] order type.
• Set your [Stop] price, and [Limit] price, and enter the amount of crypto you wish to purchase.
Note: In the first box (Amount) you can see your asset values in BTC and in the second box you can observe your asset value in USDT. Also, you can drag the bar to calculate your amount by the system automatically.
• Now, you can click [Buy BTC] or [Sell BTC] to place your Stop-Limit order for buying and selling your assets.
• Your Stop-Limit Order will be placed in the order book and you can see your order at the end of the Spot page in the [Open order] tab. When your order gets filled you can see it in the [Order History] or [Trade History] tab.
What is a Limit Order?
A limit order is another type of Spot Order with a specific limit price that is placed on the order book. It will only be executed if the market price reaches your limit price or a better one. You can use limit orders to buy an asset at a lower price or sell an asset at a higher price than the current market price.
Buy Example:
If the current market price of Bitcoin is $20,000, the purchase price of a limit order must be less than that. It means you should choose a price lower than the current price, such as $18,000 dollars. If you place a buy limit order that is above the current price, like 22,000$, the order will be filled immediately, and the executed price will be around 20,000$.
Sell Example:
If the current market price of BTC is $20,000, the selling price of a limit order must be higher than the current price. It means you should choose a higher price than the current price like $22,000. If you place a sell limit order which is lower than the current price like 18,000$, the order will be filled immediately and the executed price will be around $20,000.
How do I place a Limit Order at Coinlocally?
• [Login] to your account and go to the “Spot Trading” page.
• Choose your asset, like the BTC/USD pair.
• Choose the “Limit” order type.
• Set your “limit price” and enter your [Amount].
Note: In the first box (Amount) you can see your asset values in BTC and in the second box, you can see your asset values in USDT. You can also drag the bar to have the system automatically calculate your amount.
• Now, you can click [Buy BTC] or [Sell BTC] to place your limit order for buying and selling your assets.
• Your Limit Order will be placed in the order book, and you can see it at the end of the Spot page in the [Open order] tab. When your order gets filled, you can see it in the [Order History] or [Trade History] tab.
Conclusion
Navigating the cryptocurrency market can be complex and challenging, especially for new traders. However, powerful trading tools for Spot Order such as Market Orders, Stop-Limit Orders, Limit Orders, and OCO Orders can help traders make informed decisions and take advantage of the market’s volatility to maximize their profits.
Coinlocally offers these trading tools and provides a demo trading feature that allows traders to test and hone their strategies before investing in cryptocurrency. By understanding the different types of Spot Order and how to use them effectively, traders can improve their chances of success in the cryptocurrency market.
