The KyberSwap limit order feature, which allows users to create limit orders without depositing any funds, is available starting today on KyberSwap web and iOS app.
With limit orders, users don’t have to monitor volatile crypto markets 24x7 as they can now place orders to buy/sell tokens at their desired rate! KyberSwap’s non-custodial limit order doesn’t require funds to be transferred to the platform — tokens are swapped on users’ behalf via a trust-less model.
For example, the user can set a limit order for WBTC → DAI, when rate of WBTC reaches 15,000 DAI. The user doesn’t need to first deposit WBTC and only has to provide signed transaction data. KyberSwap will automatically swap WBTC → DAI on the user’s behalf when WBTC hits 15,000.
KyberSwap’s limit orders are easily created on the web or mobile app with a few easy clicks. Funds are transferred only when the trade is executed, saving users transfer and deposit fees typically charged on traditional exchanges. Limit Order fees can go as low as 0.1%, and are charged only when trades are executed.
Additionally, KNC holders will get discounts on trading fees. For example, anyone holding 2000 KNC in his wallet at the time of limit order creation will get 20% discount on fees! Discount is higher for higher amounts of KNC.
Most importantly, users maintain custody of their own funds at all times, improving security without sacrificing utility.
To celebrate this brand new feature, all users who successfully trade a limit order across allowed trading pairs on KyberSwap during the promotion period will share a prize pool of 50,000 KNC (30,000 + 20,000)! A successful trade means a limit order must be created and filled during the promotion period.
30,000 KNC will be split equally among users who successfully trade at least 1 limit order during the campaign period, and an additional 20,000 KNC will be split among Top 10 users. Top 10 users will be decided based on their trading volume (in equivalent ETH) of successful limit orders.
Start creating KyberSwap Limit Orders today, and win KNC!
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