Digital asset platforms, or cryptocurrency exchanges, remain the most important businesses built around crypto protocols. They are more than just utility platforms for acquiring and selling crypto — their job is to make the business model of belief in cryptocurrencies work. The evolution of crypto exchanges has been stupendous and what it means to be a crypto exchange has changed a lot since the early days of Bitcoin.
In those days, exchanges were simply trying to provide the most basic infrastructure for buying and selling crypto. Today, exchanges are locked in a rapidly evolving battle for global supremacy! As such and to stay up to date with the newest and latest developments with international exchanges, we have decided to add the Stop/Stop Limit and Scaling Order Types to ChainEX.
Stop/Stop Limit Orders are designed to allow users to place an order automatically when the market is erratic.
With Limit Orders, you specify the price at which you are willing to buy or sell. Although the price is guaranteed, it’s not guaranteed that the order will be filled. However, you’re essentially waiting for a target price to be reached before the order will be executed.
A Stop Order can be seen as a trigger for a Market Order when a specified price (buy or sell) is reached. The moment the Stop Price is reached, the order becomes a Market Order. Thus, although you are guaranteed that the order will be filled, you’re not guaranteed at which price the order will be filled as with a normal Market Order.
A Stop/Stop Limit Order is a combination of a Stop and Limit Order and requires two prices: The Stop Price, which will be the trigger for the order, and the Limit Price, which will be the maximum or minimum price at which you are willing to buy or sell (depending on whether it’s a buy or sell order). So, although the price of the order is guaranteed, it’s not guaranteed that the order will be filled.
Lastly, Scaling Orders automatically create a series of Limit Orders at increasing and decreasing prices across a user-determined price range. Scaling Orders were designed to allow all ChainEX users to focus more on their trading strategies than on creating orders.
For more examples of these order types and information on how to place or cancel a Stop/Stop Limit Order, click HERE and Scaling Order, click HERE.
