What are sell limit orders?
In the trading world, a limit order lets you buy or sell a crypto asset at a specific price (or better). This gives you more control over your execution prices.
Let's say the current Bitcoin price is at €60,000, but you want to sell at a minimum price of €65,000. Instead of price watching, you can place a sell limit order. Now, if the price rises to €65,000 or above, your order will be automatically executed.
Advantages of sell limit orders
- Autopilot for your investments: Sell crypto assets for the prices you choose without constant price-watching.
- Make the most of the market: Easily create a sell limit order for above market prices to maximise potential gains, or below market price to cover any potential losses.
- You’re in control: Easily create, view, and cancel your limit orders in your Bitpanda account at any time.
- Get extra rewards: Keep earning yields on your money with Bitpanda Cash Plus until any orders are executed.
How to Set Up a Sell Limit Order
- Select new sell order: From your home screen or the specific asset page, select the option to create a new sell order.
- Choose your asset and set the target price:
- 1. Select the crypto asset you want to sell.
- 2. Enter the target price at which you want to sell the asset.
- 3. Specify the amount of the asset you want to sell.
- Review and confirm your order:
- 1. Review your sell limit order details.
- 2. Confirm to place the order.
- Manage your orders:
- 1. To view or manage your existing orders, select ‘Check all orders’ from your homescreen or specific asset pages.
- 2. You can cancel any orders at any time if needed.
Key Points to Remember
- Available assets: Sell limit orders can be created only for available assets. Limit orders cannot be made for assets that are staked.
- Trading funds: Users can still trade the funds that would be used to fulfil an order. If the funds are traded and no longer available, the order will be cancelled.
- Order cancellation: If a user's balance is insufficient to fulfil an order, the order will be cancelled. All orders exceeding the user's balance will be cancelled.
- Slippage: Slippage is allowed up to 5%. If slippage exceeds 5%, the orders will be cancelled.
- Supported assets: Sell limit orders are available for the same assets as buy limit orders (crypto with a market cap greater than 100 million euros).
Sell limit orders give you more control over your trading strategy on Bitpanda. Use them to ensure your assets are sold at the prices you choose, without having to constantly monitor the market.