At Bit2Me, we never stop. It doesn’t matter if it’s the middle of summer, because we keep working to always give the best to our users. And proof of this is the new service that we’re bringing you: buy and sell orders within your Bit2Me mobile app. Of course, make sure you have one of the latest versions of the APP installed (2.15, 2.15.1 or 2.16.0). Let us tell you a little more about it.
What are the new purchase orders?
We’ll put it simply: imagine that Bitcoin is trading at 26,000 euros, but you are only willing to enter the market when the price drops to €25,500. What are you going to do, keep checking the price every minute waiting for it to drop to the price you have set? No.
With Bit2Me’s buy and sell orders, which you can find within the App, you no longer have to worry about this. You simply set it up and, when the market price reaches the price you have set, the buy order is automatically executed. Then you will automatically get a notification on your phone. The same applies if you want to sell instead of buying at a specific price.
In case your buy order is about to be executed, you must have euros available in your Bit2Me wallet so that they can be used when the system executes the purchase along with Bit2Me’s minimum fees.
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.
Other types of buy options available in Bit2Me
Instant purchase
In addition to the new purchase orders, Bit2Me still offers the usual options, such as instant purchases. Whenever you want, with minimal fees. You can reload your Euro Wallet to always have a deposit of euros ready for when the price is where you want it, and simply make a swap between euros > your desired cryptocurrency. More autonomy, higher limits, more convenience, more speed! Deposit funds and don’t miss any market opportunity.
Recurring purchase
If you’re not interested in taking risks and you don’t care about the entry price, if what you want to make is a medium to long-term buying strategy, then recurring purchases are for you. Choose a purchase frequency (daily, weekly, or monthly), a cryptocurrency and an amount to buy, and don’t worry about anything else. Automatically, at the chosen interval, purchases of your selected cryptocurrency will be executed at any price. Learn more about recurring purchase strategies in this article from Bit2Me Academy.
If you are more of a Pro: Bit2Me Pro
For users looking for extra functionalities when trading with cryptocurrencies, Bit2Me Pro is still available, with all its advanced features. With our high-frequency and real-time trading platform, you can place limit and market orders. Nothing changes. But what is the difference between limit orders in Bit2Me Pro and purchase orders in Bit2Me Wallet?
A price order executes a market order. That means it goes to the market to buy at that moment.
As for a limit order in Bit2Me Pro, it is added to the order form, and if it gets close to the price, it gets executed at that exact price. The only thing that could happen is that there may be so little liquidity that your order doesn’t get executed as no one wanting to take it would get your order skipped.
