How to create a buy or sale Limit Order in Coinbase Pro
Limit Orders
- Limit Orders are easier to explain than Stop Orders.
Buying or Selling Limit Orders
- It works much the same way for buying or selling.
- However we should cover them separately.
Creating a Buy Limit Order
- After verifying that you selected the correct Market,
- for this discussion, I’ll be using BTC-USD for Bitcoins and US Dollars.
- Select the Buy button
- Select the Limit tab
- Note that the Amount box has changed because before it was set on the Market tab.
- In the Market tab, Amount is used to quote the dollar amount
- you are willing to pay, for a portion of Bitcoins.
- In the Limit tab, the Max link is gone, and USD is replaced with BTC
- Now the Amount box wants you to enter the 8 decimal place portion
- of the amount of Bitcoins you want to buy.
Limit Price
- The Limit Price should be the amount or portion of an 8 decimal digit
- that represents the portion of bitcoin you want to buy.
- If the value of bitcoins were sinking,
- you may want to buy when the value reaches a certain point.
- For this example, pretend one bitcoin was worth $65,000.00,
- it was recently valued at 67,000 and the price is still falling.
- You may want to buy when the price of bitcoins equals $63,000.00
- We enter that amount into the Limit Price field.
- After entering the limit amount in the Limit Price box,
- The Fee and Total fields display the results of your entry.
- The Fee is calculated and displayed.
- The Total represents how much in US Dollars this trade will cost you.
Place Buy Order
- Unlike a Market Order that will process immediately,
- a Limit Order may take some time to process
- because the order has to wait for the stock price to go down
- and reach the price that you placed in the Limit Price box.
After clicking the “Place Buy Order” button
- The Amount and Limit Price boxes are set to zeros.
- The Place Buy Order button is briefly replaced with the word “Success”
- The Order is placed into the “Open Orders” panel if displayed.
- Under the Status header in the “Open Orders” panel
- to the right of the word “Open” there is an x displayed.
- That’s in case you want to cancel this order from the Trade screen
- All you would need to do to cancel this order is to click that “x”.
Canceling the Limit Order
- There are two places where you can cancel this order.
- On the Trade screen
- under the Status header in the “Open Orders” panel
- to the right of the word “Open” there is an x displayed.
- That’s in case you want to cancel this order from the Trade screen
- All you would need to do to cancel this order is to click that “x”.
- On the Order screen, in the Open tab
- under the Status header in the “Open Orders” panel
- to the right of the word “Open” there is an x displayed.
- That’s in case you want to cancel this order from the Trade screen
- All you would need to do to cancel this order is to click that “x”.
After the Limit Order goes Through
- What was previously in the Filled (BTC) column
- from the Open Orders panel on the Trade screen,
- is now added to your position in your portfolio.
- You can look at previously filled orders from the Orders button on top of the screen.
Explaining a Sell Limit Order
- Explanation goes here.