When trading, users tend to experience certain issues, which in turn affect their trading outcome. As an effort to make the user experience friendlier, Coinbase has recently released a stop orders feature on the exchange.
In a recent blog post, the bitcoin announced that the stop order feature will allow users traders to both buy and sell bitcoin at a specified price. Some of the other benefits include protecting profits, limiting losses and initiating trades whenever the market breaks out. This will not only help traders earn more money in the long-term, but it will also make the platform more attractive.
To place a stop order, users have to sign in to the exchange, select the stop tab which can be found on the orders panel, choose whether they would like to place a sell or buy order, proceed to enter the price they wish to trade the bitcoin, and last but not least, the price when the order shall be triggered. Once this is done, traders simply need to click the Place Buy Stop or Place Sell Stop buttons.
Once such an order has been submitted, it’ll be visible on the open orders panel, where it can also be manually cancelled with ease. It’s also worth pointing out that the feature is also beneficial for those who use programmed trading strategies, as the feature can be taken advantage of in the Coinbase Exchange API as well.
Based on everything that has been outlined so far, what do you personally think about this new feature? Let us know your thoughts in the comment section below.
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