TL;DR
- Coins Pro is a cryptocurrency trading exchange where you can buy and sell cryptocurrencies.
- Integrated with Coins.ph wallet, Coins Pro allows you to move funds between exchange and wallet for easy and fast trading!
- The Coins Pro exchange uses an order book to facilitate trades, offering three orders: Limit Orders, Market Orders, and Stop-Loss Orders.
- A market order fills your order immediately at the next available price.
- A limit order only buys or sells an asset at the specified limit price.
- Stop-loss orders are placed in advance to sell the crypto when it reaches a particular price point, to minimize potential losses.
The newly revamped Coins Pro is a cryptocurrency trading exchange where you can directly buy and sell digital currencies. Coins Pro works hand in hand with your Coins.Ph wallet which allows you to move funds easily between the two platforms, allowing you to maximize the way you use your cryptos!
Coins Pro might look intimidating but we will guide you through the different types of orders that you can perform on Coins Pro. Coins Pro uses an order book to facilitate the buying and selling of crypto at larger volumes and lower fees, as low as 0.05%!
Each time an order is placed, it is listed in the order book until it is fulfilled and there are three types of orders: market order, limit order, and stop-loss order.
What is a Market Order?
A market order is placed on the exchange to buy or sell crypto with the intention to execute the trade at the current market price immediately. This allows you immediately sell crypto at the next available price.
But the biggest disadvantage of a market order is the inability to select the price that you want. This means if the prices are changing rapidly, the next available price could be a couple of percentage points different than the price quoted when you initially placed the order.
Market Orders are usually used when the speed of the transaction is more important than the price of the sale.
For example, if an investor places an order to sell 1 ETH for ₱69,700. But if the price is plummeting and other traders are also trying to sell, the price could drop by the time the order is filled. Because of this, investors typically use market orders during busy trading hours and in highly liquid markets. This increases the chances of getting an order filled closer to the requested price.
What is a Limit Order?
A limit order is placed on the exchange to buy or sell selected crypto at the specified limit price or lower (buy order), or the specified limit price or higher (sell order).
Traders don't usually place limit orders at the current market price. Instead, they set a limit for the entry price or exit price, especially when they think a trend is about to start. However, because of the price restriction, there's no guarantee the order will be filled quickly or at all.
For example, if 1 BCH is currently trading at ₱6,200, but a trader believes it'd be a good value at around ₱6,000 or less, he would place a limit order to buy 1 BCH at ₱6,000.
In this case, if the price of BCH does not reach ₱6,000, the order will not be filled, but if it drops to ₱6,000 or below, with enough volume available at that price, the order will be filled.
What is a Stop-Limit Order?
Stop-Limit orders are placed in advance with the intention to sell the crypto when it reaches a particular price point. It is used to minimize losses in the event prices start to decline.
For example, setting a Stop-Limit order for 20% below the price at which you bought the asset will limit your loss to 20%. Suppose you just bought 10 XRP at ₱25, which is ₱250. If you want to limit your future losses to 20%, you should enter a stop-loss order for ₱20. If the price of XRP falls below ₱20, a limit order will be placed, to sell off the position.
One of the risks of Stop-Limit is similar to a Limit Order. Your order might be completely filled depending on the volume of the trade. However, a Stop-Limit order helps keep a trader’s emotions in check, preventing "emotional trading". So, instead of HODL-ing a bag of tokens that are not performing, a stop-loss order would try to liquidate the position before it reaches a point of no return.
Trading with Coins Pro!
It's relatively easy to create a Coins Pro account; you only need a verified Coins.ph account to start trading on Coins Pro
Exploring Coins Pro is a great way to increase your knowledge about how markets work, what are the bearish and bullish candlesticks and how an order book works.
Since trading is open around the clock, you can trade whenever it's most convenient for you. There are no limits on trading, balances, or deposits. With as little as P10, you can get started in trading.
Coins Pro is already integrated with the Coins.ph e-wallet, which allows you to withdraw funds and use them for a wide variety of purposes, such as paying bills, cashing out, buying loads, and obtaining in-game credits.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
Get your crypto journey started with Coins.ph
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Sign up for a Coins.ph account now to start trading OR download the Coins.ph app. Once you have verified your account, you can convert PHP into the cryptocurrencies of your choice.
Start trading your favorite Crypto on Coins Pro with fees as low as 0.05%!
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