What is a Limit Order?

Basically, when you sell a coin at the market rates, you accept to sell off the currency at whatever price the market has to offer at the moment. However, sometimes when you’re optimistic, you might want to sell off the coin at a higher rate. Considering that it is not possible to be online and monitor the prices at all the times, you can set your desired target price and place an order using ‘limit order’. Whenever the price of your currency hits that particular price point - the coins will be sold.

How to Set Limit Order on CryptoGround?

Here's how you can set a stop-limit order:

Step 1: Login

• Sign Up/Login on Cryptoground

• Click on Trading Games

• Either Create or Join Game

You'll be then redirected to the Game Page

Step 2: Set Limit Order

• Goto the specific coin page that you intend to buy/sell

• Browse down to the Limit order section:

• You have to set following fields:

  • Price - Set the price at which you intend to buy/sell this cryptocurrency (usually lower than market price for buying and higher than market price for selling)

  • Quantity - Fill the quantity you want to buy/sell (e.g. 5 BTC)

  • Fee - This is decided by the game creator. You cannot change it

  • Total - Fill the total amount  you wish to buy/sell (e.g. $500 BTC) 

Note - You can either set Quantity or Total field, the other one will be calculated and set automatically

This limit-order is placed as an Open Order. The Open Orders can be checked from the specific coin page or from Orders tab

Example:

Let us assume that at the time of placing the order, the price of ETH was $450. However, you want to sell it off at a rate of $550. Instead of continuously monitoring the markets all the time to sell it when it hits the desired target - you could automate it using this process.
 
Limit Order is quite a handy tool for investors who wish to automate their sales and invest smartly.

What is a Stop-Limit Order?

A stop-limit order is basically what they call a ‘stop-loss’ in stock markets. It is the exact reverse of what a limit order is. A limit order is usually placed when an investor is confident that the price of their cryptocurrency is going to grow. However, a stop-limit order is placed when an investor is unsure about the future and does not want to incur a loss. A stop-limit order is like a circuit breaker which makes a sale as soon as the currency’s price drops to a predetermined low.

How to set up a Stop-Limit Order on CryptoGround?

Step 1: Login

• Sign Up/Login on Cryptoground

• Click on Trading Games

• Either Create or Join Game

You'll be then redirected to the Game Page.

Step 2: Set Limit Order

• Goto the specific coin page that you intend to buy/sell

• Browse down to the limit order section, and click Stop-Limit

• You have to set following fields:

  • Stop - Set the price at which you wish to place limit order

  • Limit - Set the price at which you wish the open order to be executed

  • Quantity - Fill the quantity you want to buy/sell (e.g. 5 BTC)

  • Fee- This is decided by the game creator. You cannot change it

  • Total - Fill the total amount  you wish to buy/sell (e.g. $500 BTC)

Note - You can either set Quantity or Total field, the other one will be calculated and set automatically

• This stop-limit order is placed as an Open Order. The Open Orders can be checked from the specific coin page or from Orders tab.

Example:

Let us assume that at the time of placing the order, the price of ETH was $600. However, you feel uncertain about the markets and the risks involved. The price of XVG when you bought the currency was $450, and you do not want to incur a loss on it. You can then set the stop as well as the limit to $520 - which means you can exit the markets at a profit of $70 per currency even if the price continues to fall.