What is a Buy Stop Order?

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

A Buy Stop Order helps you buy at your preferred prices in a rising market. You can set an order to buy an asset only once the price hits a specified stop price above its current market price.

Buy Stop Orders must have a trigger price higher than the current price. In this case, you wait for the price to go up and show confidence in the asset before buying. They are commonly used when buying breakouts.

Example
You want to purchase 1 Bitcoin. The price is currently $45,000 AUD, and you expect it to go up to $47,000.
You would place an order for 1 Bitcoin with a stop price of $47,000 AUD/BTC.
Once and only when the price of Bitcoin hits $47,000 AUD/BTC will your order become live, and it will execute at the next best available price.

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

Here's a guide on how to place a Buy Stop 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 Stop Order. Click the Buy/Sell/Swap button as shown below.



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



Enter the price at which you want the Buy Stop Order to be triggered. This is the price point above the current market price at which you want to enter the trade. For this example, if the current BTC price is at $45,000 and you want to enter when it reaches $47,000, enter $47,000 as the stop price.



Specify the quantity of the cryptocurrency you want to purchase when the Buy Stop Order is triggered. Enter the quantity in the "I want to purchase.." field. In this example, we entered 5,000 AUD.



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



Once the Buy Stop Order is placed, you can monitor its status in your trading interface. If the market price reaches or surpasses the stop price you've set, the Buy Stop Order will be triggered and executed as a market order.




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

Updated on: 10/08/2023