How does the stop limit feature work on popular crypto exchanges?

1 answers

• Dec 17, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a stop limit feature that allows traders to set a stop price and a limit price for a specific cryptocurrency. When the stop price is reached, a limit order is triggered and placed on the exchange. This feature is especially useful for managing risk and executing trades effectively. For example, if a trader sets a stop price of $10 and a limit price of $9 for a particular cryptocurrency on BYDFi, when the price drops to $10, a limit order to sell the cryptocurrency at $9 will be placed. This feature gives traders more control over their trades and helps them protect their investments.
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