There are multiple order types available on Tokenize Xchange. In this helpful article, we walk you through how to use Stop Orders.

One of the order types you’ll see in the form on Tokenize is Stop Order.

What is a Stop Order?

A Stop Order is a Market order to be executed when the market price hits a certain amount. This is particularly useful if you want to protect an investment and limit your losses. Stop orders are used when you want to “stop” your loss from getting too high.

For example:

You want to sell 1 BTC but don’t have time to monitor the market. Market price at the time is SGD 89,176.13

The solution:  Set a Stop Order to sell your Bitcoin at SGD 79,000 to protect your trade if the price moves against you. When the price hits SGD 79,000 the Stop Order will be executed as a Market order* and you’ll sell your Bitcoin.

*Note that as this is a market stop order and not a limit stop order, depending on the market situation the filled price might not be exactly the same as the set price but on the available market orders at the point of completion.

How to use Stop Order?

Here is a step-by-step guide on how to sell your cryptocurrency in Stop Order on Tokenize Xchange.

Select Trade -> Spot

You will come to the BTC-SGD page and scroll down further:

Select Stop and the lower page interface will change as below:

The points below correspond to the image below.

1. Your Balance: 0.14238152 is the Bitcoin balance left in your account.

2. Stop Price: 89176.73 is the highest buying price of 1 BTC in the market.

3. Amount BTC: Amount of BTC you would like to sell.

Change the stop price to 79,000, input 0.01 BTC, and then click Sell BTC

This pop-up will appear and you Confirm your order.

After confirming the order, you will see a green notification at the top of the page indicating that your order has been successfully placed. You can also check your order by email.

Under the Orders, you are able to view your pending and completed orders.