Coinbase Exchange, one of the major US cryptocurrency trading platforms for professional traders, announced the introduction of the stop order option for bitcoin. This would allow customers to buy and sell bitcoin at a specified price, protect profits and limit losses.
Placing a stop order is fairly easy through the “stop” tab on the orders panel, filling in the form and pressing the “place buy stop” or “place sell stop” button. Coinbase Exchange notes that once submitted the orders are visible on the open orders panel. They can be canceled at any time by pressing the “X” button in the status column. The stop order option is also supported in automated trading strategies.
Coinbase Exchange was launched in 2015 by the bitcoin wallet company Coinbase. It is based on real-time pricing and offers exchanging of bitcoin and flat currencies. It is available to customers in 42 US states plus Washington DC, Canada and the UK.
Data from the website Coinmarketcap that keeps track of the trading volumes of the largest cryptocurrency exchanges in the world shows that most recently on the Coinbase Exchange were traded 6223 bictoins, valued at $2 598 570.
In comparison, last week Japan’s cryptocurrency exchange Zaif announced that in the 24 hours of March 8 on its platform were traded the record over 18 000 bictoin, exceeding JPY 850 million ($7 635 303) in value. This, however, was a one-off event. Most recently on Zaif were traded 5420 bitcoins for $ 2 258 840.