Coinberry is delighted to announce the introduction of the first new feature of 2020 ‘Limit Orders’. We are thankful to the Coinberry Community and appreciate the active role that our members have played in our growth as Canada’s most trusted digital currency platform.
We held a vote asking our members which feature they would like our team to develop next and the majority of you voted in favor of Limit Orders.
Limit Orders allow you to set the price at which you want to buy and sell your digital currency on Coinberry without having to keep watching the market.
Ultimately, placing a limit order will give you more control over the execution price. and best of all, there is no minimum or maximum amount that you can set!
For buy limit orders, your buy limit order will only be executed at the buy price you set. On the other hand, for sell limit orders, your sell limit order will only be executed at the sell price you set. This stipulation allows you to better control the execution price of your trade.
A limit order is an order that is filled at a specific price level only if the digital currency hits that price. For example, you purchased 1 bitcoin at $11,000 and you want to sell this bitcoin at a profit of 10%. Yet, you don’t want to spend time watching the markets. You can simply set a sell limit order of $12,100 (which is a 10% profit of $11,000). Once Bitcoin hits $12,100 our system will attempt to execute your sell order.
However, a limit order is not guaranteed to be filled. If the price of Bitcoin never reaches $12,100, your transaction will be marked as pending and will not be executed. You can always cancel a pending limit order as long as it hasn't been executed yet.
We have made a tutorial on how to get started with using the Limit Order feature available on our Help pages:
Stay tuned to our blog as we continue to grow and build our platform, together.