Step 1: Log into your account
Easy!
Step 2: Find your market
We’re going to trade BTC/AUD.
You can get to the BTC trading panel by clicking on BTC/AUD on the ‘markets’ dashboard:
Or by going directly to the ‘trade’ panel and finding BTC/AUD in the markets dropdown:
Once you’re in you’ll see:
A price chart showing BTC/AUD performance over a 1-hour interval
The current market price and 24-hour change
An order book with live buy/sell orders
A recent trades list showing executed trades with price, size, and time
Step 3: Choose the order type
Head to the deal ticket at the bottom right of the screen, go to the ‘stop’ tab and select ‘stop-limit’ as your order type from the dropdown. Below this you’ll see two columns. The left-hand side is for buy orders and the right-hand side is for sells.
Step 4: Enter the details of your order
This is a stop-limit order, which means you’re setting two conditions:
The stop price, which is the price at which you want to trigger a limit order to buy or sell
The limit price, which is the price at which you ultimately want to buy or sell
To place your order, therefore, you need to specify four things:
Whether you’re placing an order to buy or sell
The stop price
The limit price
The amount of BTC you want to buy or sell at the limit price
If you’re placing a buy stop-limit order, fill in the left-hand side of the ticket with:
Stop: the price at which you want to trigger the order
Limit: the price at which you want to buy. This will usually be slightly higher or the same as your stop price, preventing you from buying at a much higher price in a fast-moving market
Amount: Either specify the amount of BTC to be bought or drag the slider to the desired percentage of available funds in your account
If you’re placing a sell stop-limit order, fill in the right-hand side of the ticket with:
Stop: the price at which you want to trigger the order
Limit: the price at which you want to sell. This will usually be slightly lower or the same as your stop price, preventing you from selling at a much lower price in a rapidly falling market
Amount: either specify the amount of BTC to be sold or drag the slider to the desired percentage of your holding
Step 5: Place the order
Once you’ve filled in all the details, click:
Buy BTC (green button) to place a buy stop-limit order
Sell BTC (red button) to place a sell stop-limit order
You’ll see a confirmation message pop up in the top right of the screen. Good job!
Step 6: Verify the order
After placing your stop-limit order, you can check the details by viewing your open orders, either by going to the tab in the panel to the left of the screen or by clicking on ‘orders’ in the top right.
Find your newly placed order in the list and you should see the following details:
Date/Time: Timestamp of when the order was placed
Pair: BTC/AUD
Order type: Stop-limit
Side: BUY/SELL
Price: The limit price you set
Stop price: The trigger price you set
Pending: The value of the order awaiting execution
Total: The total size/value of the order
Action: The option to cancel the order if needed