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What is a Stop Loss Order?

What is a Stop Loss Order?

Stop Loss Order is an order type in our Conditional Orders.

A Stop Loss Order helps you limit any losses.

You can set the amount of an asset to sell if its market price drops to a specified level. Stop loss orders must have a trigger price lower than the current price. If your trade doesn't work in your favour and the price drops, you can exit the position without losing too much.

You just bought 1 Bitcoin at $45,000 AUD because you expect the price to go higher.
But you want to minimise your downside risk, and limit your potential losses to $2000 in case you are wrong.
You set up a stop loss order at $43,000 AUD/BTC.
If Bitcoin price drops to or below $43,000 your position would be sold.

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

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

Click on the "Stop Loss" option under SELL to open the trading order form.

Enter the price at which you want the Stop Loss Order to be triggered. This is the price level that, when reached, will activate the market sell order. In this example, if the current market price is $45,000 and you want to sell if the price drops to $43,000, enter $43,000 as the stop price.

Specify the quantity of the asset you want to sell when the Stop Loss Order is triggered. Enter the quantity in the "I want to sell.." field. In this example, we entered 0.11 BTC.

After clicking the "Place Stop Loss Order", the trading form will automatically calculate and display the estimated total you would receive based on the stop price and quantity. Review this total to ensure it's accurate.

Once the Stop Loss 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 stop price.

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

Updated on: 10/08/2023

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