Imagine Bitcoin is trading at 90.000 dollars, but you want to enter the market when the price drops to $85.000. Are you going to sit there watching the price every minute, waiting for it to reach your target?
It’s much easier: set up a buy order at $85.000 and then forget about it. When Bitcoin’s price reaches the amount you’ve set, the purchase will happen automatically.
What are the buy and sell orders?
Exactly. With Bit2Me’s buy orders, which you can find in the App, you don’t need to keep checking the market: you set your target price, and when the actual market price hits what you’ve configured, the buy order is executed automatically, and you’ll get a notification on your phone.
And if you want to sell, it works the same way.
To set up your buy or sell order, you’ll need to have the necessary funds in your Euro Wallet and keep them there until the order executes. Additionally, the price must be at least 2% (positive or negative) away from the market price at the time you place the order.
Benefits of Buy and Sell Orders
Take the opportunity:
Orders allow you to set up automatic buys or sells when the market price reaches a specific level. This removes the need to constantly monitor prices, letting you seize the opportunity even if you’re not available to execute the trade manually.
Volatility Management:
By setting buy orders, you can take advantage of market fluctuations without watching every price movement. This is particularly useful during times of high market volatility.
Strategy Flexibility:
Buy and sell orders allow users to set up better strategies and can complement other tools, like Recurring Purchases for a Dollar-Cost Averaging (DCA) approach or staggered selling, without needing continuous manual intervention.
Risk Control:
Sell orders can act as a “safety net” to minimize losses or secure profits. For instance, a sell order can help prevent selling at a low price during an unexpected market drop.
Transparency and Clarity:
Bit2Me provides an interface where you can clearly view the conditions of your orders before they execute, making it easier to make informed investment decisions.
Ease of Use:
The Bit2Me interface is designed to be intuitive, allowing anyone, regardless of experience, to set up orders easily. Plus, when a buy or sell is executed, you’ll receive a notification, making this tool much more accessible.
How to Set Up Your Buy Orders
- Tap the central button (the one with four squares), and when the options appear, choose “Buy.”
- In the next menu, select the “Buy Order” option.
- Select the cryptocurrency you want to purchase from the list of over 400 cryptos available on Bit2Me.
- A brief guide will then be available, explaining what buy and sell orders are and how they work. We recommend reading it to fully understand the tool and how it functions.
- Enter the price at which you want to set your buy order.
- Right below the price you entered, you’ll see the percentage difference.
- Enter the amount (in euros) you want to purchase, either manually or by choosing one of the pre-set options, and tap “Continue.”
- Review your transaction, and if everything is correct, tap “Schedule Purchase.”
- Congratulations! You’ve set up your first buy order.
You have to keep in mind that when the price reaches the one you have chosen, the order will start to execute. However, due to the load of orders that may exist, it may fail to execute if during that time the price undergoes a variation greater than 5%. This way, we are eliminating risk for you, as you would be buying with an undesired variation.
For example: it is not possible to create buy or sell orders with a price less than 5% variation from the current price. For example, if Bitcoin is currently worth $25,000 and we want to create a buy or sell order, we will have to indicate a price greater than $26,250 or less than €$23,750. The reason for this limitation is to reduce the risk of instant execution of an order due to unfavorable market conditions such as low liquidity or high volatility.
Similarly, buy or sell orders are limited to 100% higher or 50% lower than the current price. For example, if Bitcoin is worth $25,000 the maximum range in which we can create an order will be between $12,500 and $50,000.
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