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What is a Buy Limit Order?

What is a Buy Limit Order?

Buy Limit Orders is one order type in our Conditional Orders.

Buy Limit Orders help you control how much you want to pay for an asset. You can set an order to buy an asset at or below a specific price you specify.

Buy Limit Orders must have a trigger price below the current market price. In this case, you are waiting for the asset to fall to your preferred purchase price.

You want to purchase 1 Bitcoin and expect its price to drop from $20,000 AUD to $15,000 AUD.
You would place an order for 1 Bitcoin with a limit price of $15,000 AUD/BTC.
This trade will not execute unless the price of Bitcoin drops to or below $15,000 AUD.

How to Place a Buy Limit Order on Coinstash (Web Browser)?

Here's a guide on how to place a Buy Limit Order through a web browser:

Once logged in, you'll be taken to your account dashboard. Look for "Trade" option in the navigation menu or dashboard. Click on this option to access the trading interface.

Within the trading interface, you'll see a list of available cryptocurrencies. Choose the cryptocurrency for which you want to place a Buy Limit Order. Click the Buy/Sell/Swap button as shown below.

Click on the "Buy Limit" option under BUY to open the trading order form.

Enter the price at which you want the Buy Limit Order to be executed. This is the maximum price you're willing to pay for the asset. For this example, if the current BTC price is at $45,000 and you're only willing to buy if the price drops to $40,000, enter $40,000 as the limit price.

Specify the quantity of the asset you want to purchase at the limit price. Enter the quantity in the "I want to purchase.." field. In this example, we entered 5,000 AUD.

After clicking the "Place Buy Limit Order", the trading form will automatically calculate and display the total cost of the order based on the limit price and quantity. Review this total to ensure it's accurate.

Once the Buy Limit Order is placed, you can monitor its status in your trading interface. The order will remain open until the market price reaches or goes below your specified limit price.

You can read the FAQs for our other order types below:
Take Profit Order
Buy Stop Order
Stop Loss Order

Updated on: 10/08/2023

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