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What is a Take Profit Order?

What is a Take Profit Order?

A Take Profit Order helps you protect any gains.

You can set the amount of an asset to sell if its price rises to a particular level above the current market price.

Take Profit orders must have a trigger price above the current price. In this case, you are waiting for the price to rise to a level where you want to sell.

You just bought 1 Bitcoin and expect its price to increase from $45,000 AUD to $50,000 AUD.
You would place an order for a take profit price of $50,000 AUD/BTC.
This trade will not execute unless the price of Bitcoin rises to or above $50,000 AUD.

How to Place a Take Profit Order on Coinstash (Web Browser)?

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

Click on the "Take Profit" option under SELL to open the trading order form.

Enter the specific price at which you want the Take Profit Order to trigger. This is the price level at which the market sell order will be initiated to lock in your profits. In this example, if the current market price of BTC is $45,000 and you want to sell if the price rises to $50,000, input $50,000 as the take profit price.

Determine the quantity of the asset you plan to sell once the Take Profit Order is activated. Enter the quantity in the "I want to sell.." field. In this example, we entered 0.11 BTC.

After clicking the "Place Take Profit Order", the trading form will auto-calculate and display an estimated total based on the take profit price and quantity. Review this total for accuracy.

After placing the Take Profit Order, monitor the market price of the asset closely. Your Take Profit Order will remain inactive until the market price reaches or surpasses your specified take profit price.

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

Updated on: 10/08/2023

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