The Limit Order feature at Torex introduces the mechanism of providing an improved experience for traders to gain control over their crypto assets. When a certain asset’s price reaches a predetermined price, you can perform purchasing with these crypto assets. Take into consideration that an account at an exchange should be linked to Torex via API and have a certain balance before it can be utilized to perform a transaction.
Using Limit Order at Torex
Orders can be placed in the Torex Trade section. It should be kept in mind that trading with a Limit Order is particularly practiced when you are not looking forward to buying or selling assets immediately. Torex does not take any commission for setting orders, however crypto exchanges linked to the Torex platform usually take their standard commissions for executing such orders. For placing a Limit order at Torex, you need to follow the steps as described below:
Initially, you are required to select an Exchange that has been previously linked to the platform along with a necessary balance to perform operations. In Torex, you can perform this function across Binance, Bittrex, BKEX, CREX24, Huobi, Poloniex, Bitfinex, KuCoin, and Coinsbit exchanges, for now.
Following the next option, you are required to select the coin you wish to trade with from the list in the “Base Coin” menu.
Select the coin pair from the “Pair” option you require.
From the switcher on the right part of the screen, you can select the deal type as either Buy Limit or Sell Limit. Sell Limit refers to when you seek to sell for more than the market price, whereas Buy Limit is selected when you expect to sell the asset for less than market price.
Set the deal volume of the coin that you want to trade.
Select the option of “Set Buy Price” (or “Set Sell Price”) to enable the limit. Specify the price on which you want to execute the trade.
You can also turn on the option of “Stop Loss / Take Profit” to initiate different trade techniques. Set the percentage for Stop Loss and Take Profit.
An optional possibility of setting the “Trailing Stop” percentage is provided.
With all values stated, click on the “Create Order” button to let your order appear in the order book of the exchange that you use.