How to use Stop-Limit Function on Binance

 Trading FAQs    |      2019-01-13

Binance is a digital currency exchange platform focusing on blockchain assets,Binance official website supports btc coin, eos coin, eth coin, bnb coin and other currency transactions. Binance does not support any fiat currency (USD, JPY, etc.) trades or transactions. How to use Stop-Limit Function? Here is a brief introduction, as follows,

A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

Explanation of Terms:

Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.

Limit price: The price (or potentially better) that the stop-limit order is executed at.
Quantity: The quantity to buy or sell in the stop-limit order.

To show an Example:

The last traded price of BNB is 0.000165 BTC, and the resistance is around 0.000169 BTC. If you think that the price will go higher after the price reaches the resistance, you can put a Stop-Limit order to automatically buy more BNB at the price of 0.000170 BTC. This way you won’t have to continuously watch market movements waiting for the price to reach your target price.

Approach: Select “Stop-Limit” order, then specify the stop price to be 0.000170BTC and the limit price to be 0.000172BTC, with quantity as 10. Then click the button “Buy BNB” to submit the order.

To Query Existing Orders: Once orders are submitted, existing ‘stop-limit’ orders can be found and reviewed in “open orders”

When orders are executed or discarded, your stop-limit order history can be found in “My 24h Order History