Stop limit orders on Binance allow traders to automatically sell or buy cryptocurrency when a certain price level is reached. This is a useful tool for protecting against losses and making profits.
To create a stop limit order on Binance, follow these simple steps:
1. Log into your Binance account and select the desired currency pair.
2. Click on the "Trade" button and select "Stop Limit".
3. Enter the price at which you want to sell or buy cryptocurrency in the “Stop price” field.
4. Specify the price at which you want to sell or buy cryptocurrency in the “Limit price” field.
5. Enter the amount of cryptocurrency you want to sell or buy in the "Quantity" field.
6. Click on the "Sell" or "Buy" button to create an order.
When the stop price is reached, the order is automatically activated and turns into a limit order at the limit price you specified. If the price is not reached, the order will not be activated.
Stop limit orders on Binance can be used to protect against losses when the price of a cryptocurrency falls or to profit when it rises. This is a simple and convenient tool that can be used even by novice traders.