have an account?【sign in】how to do limit orders on coinbase?
barrasauthor"How to Perform Limit Orders on Coinbase"
Limit orders are a powerful tool for traders on Coinbase, allowing them to set the price at which they want to buy or sell a cryptocurrency. This article will provide a step-by-step guide on how to perform limit orders on the popular trading platform.
1. Sign up for an Account and Verification
To use limit orders on Coinbase, you first need to create an account and complete the verification process. This requires providing your basic information, such as your name, address, and email address. Once your account is verified, you will be able to access the limit order feature.
2. Login to Your Account
Once you have created an account and verified it, login to your Coinbase account.
3. Select the Cryptocurrency You Want to Trade
Before you can place a limit order, you need to choose the cryptocurrency you want to trade. Once you have selected the appropriate cryptocurrency, you will see the "Order Book" tab on the trading screen.
4. Find the "Bid" and "Ask" Prices
On the Order Book tab, you will see two prices: the "Bid" and the "Ask" prices. The Bid price is the current highest price at which sellers are willing to sell their coins, while the Ask price is the current lowest price at which buyers are willing to buy the coins.
5. Set Your Limit Order Price
To place a limit order, you need to find the price that you are willing to buy or sell the cryptocurrency at. This price should be below the Bid price for buy orders and above the Ask price for sell orders. Once you have found the appropriate price, click on the "+" or "-" symbol next to the price to adjust the quantity you want to trade.
6. Confirm and Place Your Limit Order
Once you have set your limit order price and quantity, click on the "Submit Order" button. You will then be prompted to confirm your order. Once you confirm the order, it will be placed on the market.
7. Track Your Limit Order
Once your limit order is placed, you can track its status by clicking on the "Orders" tab on your Coinbase account. Here, you will see all your active and completed orders, including your limit order.
8. Cancel Your Limit Order
If you decide to cancel your limit order, you can do so by clicking on the "Cancel Order" button on the "Orders" tab.
Limit orders are a powerful tool for traders on Coinbase, allowing them to set the price at which they want to buy or sell a cryptocurrency. By following these steps, you can easily place and manage limit orders on the popular trading platform. Remember to always carefully consider the risks and potential costs associated with trading on Coinbase.