How to Set a Stop Loss on Coinbase?
In the cryptocurrency world, it is important to sell the orders at right time to earn a profit. Traders who are not aware of selling strategy might lose their funds. However, in case you are trading on the Coinbase Pro exchange, you need not worry about the loss of your funds. Coinbase Pro allows its users to set a stop-loss or limit order. This feature can be a big help for you in case you are a beginner on the Coinbase Pro. You can choose a specific amount on which you want to sell your funds. But to set a stop loss or limit order on Coinbase, you must have the username and password details. Now, if you are also looking for how to set a stop loss on Coinbase then you have come to the right page.
Make sure that you have added the Coinbase app to your mobile or visit the App or Play Store to add the app on your device. So, with no more delay, let’s move ahead to learn about the processes to set a stop loss or limit order on Coinbase.
Way to set a stop loss on Coinbase
The quick steps that are given below will help to set a stop loss on your Coinbase account. If you are not logged in to your account, use the correct password and username details to do that. Check the internet connection and keep moving with the steps that are given below:
- Open the Coinbase app on your computer
- Now, visit the order panels and click on the ‘STOP’ tab
- Now, you need to choose whether you want to buy or sell
- Then, feed the amount of Bitcoin or other cryptos which you want to trade
- In the next field, set the price at which you want to place the order
- Now, choose the ‘Place Buy Stop’ or ‘Place Sell Stop’ option
- Find and click the ‘Save’ to complete the set a stop loss process
- Finally, you have completed the how to set a stop loss on Coinbase
How to use stop loss on Coinbase Pro?
Stop loss on Coinbase helps people trigger the orders at the desired amount. Whether you are looking to buy or sell cryptocurrencies on Coinbase Pro, the stop loss feature always gives you the power to trade in a smarter way. Once you set a stop loss in your Coinbase pro account, your orders are automatically triggered at the desired amount. In case you are not sure about the way to enable and use it then you can easily do so with the help of the quick steps that are given below:
- Open the Coinbase Pro app and sign in to your account
- Now, you need to find and tap on the ‘Stop’ button
- Then, find and tap on the ‘Buy or Sell’ option
- Now, choose the cryptocurrency that you want to trade
- When asked, choose a price for which you want to trigger the order
- To proceed, choose one from the ‘Place Buy Stop’ or ‘Place Sell Stop’ option
- Now, confirm the changes by tapping on the ‘Submit’ button
- Now, you have learned the way to use stop loss on Coinbase Pro
How do you set up take profit and stop loss Coinbase Pro?
You can easily set up take profit and stop loss in your Coinbase Pro account with the help of the steps that are given below:
- Open the Coinbase app or visit the CoinbasePro.com site
- Now, you need to get to the ‘Stop’ option and click on it
- When prompted, choose one from the ‘Buy’ or ‘Sell’ options
- Then, choose the crypto token that you want to trade
- Enter the desired amount on which you want to trigger the order
- If asked, select the ‘Place Buy Stop’ or ‘Place Sell Stop’ option
- To finish this process, find and click the ‘Confirm changes’ option
- Now, you are finished with how to set up a stop loss on the Coinbase process
How to set limit order on the Coinbase app
To set the limit order feature in your Coinbase app, you need to follow the steps that are given below:
- Launch the Coinbase app or go to the Coinbase.com site
- On this page, when asked to provide the username and password details
- Head to the Trade view section and click on the ‘Orders’ option
- Now, find and click on the ‘Limit’ tab to proceed
- On the next page, choose one from the ‘Buy’ or ‘Sell’ option
- Now, you need to enter the order size and the price amount
- Head to the ‘Advanced’ settings and choose one from the ‘Post Only’ or ‘Allow Taker’ option
- Now, find and click on the ‘Place Order’ option to finish the process
Way to fix the “Coinbase Pro stop loss not working” issue
Coinbase Pro stop loss may not work sometimes. However, you can fix this issue by applying the certain solutions that are given below:
- Check whether the Coinbase site is working or not. If not, wait until it does not get started again.
- If there is any problem with the Coinbase app, you should clear app data, update the app, or remove the app and re-install it to fix the issues.
- Users who are facing login issues need to use the correct and current Coinbase password details. If necessary, go to the Coinbase password recovery page to set a new password for your account.
- Make sure that you enter the order trigger amount correctly and should cross the limit of the funds that you have in your Coinbase account to avoid issues.
- Check whether the stock prices are serially correlated or not.
In short, the Coinbase exchange allows its users to enable the take profit and stop-loss feature. You can also use this feature to earn more profit using your Coinbase account. If you are not sure about how to set a stop loss on Coinbase then the above processes can help you to do so. Make sure to implement the instructions properly to complete the above process without any issue or delay.