Leading bitcoin wallet and exchange services provider Coinbase has announced stop orders, a new feature that will allow customers to buy or sell the cryptocurrency at a previously specified set price in the Coinbase Exchange.
Bitcoin services provider Coinbase has now added stop orders as a new feature to its exchange, enabling users to buy and sell bitcoin at a pre-determined set price.
The feature will help allow traders to protect profits and limit losses, as well as initiate new positions and parameters when the market breaks out one way or another, as Coinbase puts it.
The feature is enabled in the ‘STOP’ tab in the orders panel, wherein users will have the option to place a stop order that can either ‘buy’ or ‘sell’ the cryptocurrency. Once the amount is entered, users will be able to set the price point at which the order ought to be triggered.
After submission, the stop orders are instantly available in the ‘open orders’ panel. The stop orders can be cancelled at any time.
Stop orders will also be integrated within the Coinbase Exchange APi, wherein traders using automated trading strategies or programmatic trading will also be able to place stop orders with the STOP ORDER endpoint within the Coinbase Exchange API.
The feature comes in the weeks following the beta launch of another feature that will enable US customers to purchase bitcoin instantly with debit cards. The beta, which will initially be available for 1% of US while the eventual rollout will see the feature enabled for all US customers in the coming months.
Images from Coinbase.