Limit Order is one of the order types available on the CoinSwitch Kuber App. It enables you to buy or sell a cryptocurrency at the price you want. Just like every feature on our app, Limit order is effortless to use.
If you are new to the term, please read our article on a Limit Order, which extensively covers its workings.
For those who already know what it is and were eager to use the feature on all the coins, we have good news for you. The latest update on the CoinSwitch app allows you to place limit orders for the most popular cryptocurrencies listed on the app (previously available on Bitcoin only).
How to place a Limit Order?
Here’s how you can place a limit order on CoinSwitch Kuber:
Buy Limit Order
You can place a buy limit order when you want to buy a cryptocurrency at a price lower than the current buy price on the app. To place a Buy Limit Order for Bitcoin, follow these steps:
Step 1: Open the app and enter your PIN.
Step 2: Select Bitcoin on the home page.
Step 3: Select the ‘BUY’ option from the bottom navigation bar.
Step 4: Click on the drop-down list on the top right corner of your screen.
Step 5: Choose between 2 options that appear – Instant and Limit Order. On choosing, the app will direct you to the limit order screen.
Step 6: Enter the ₹ value for purchasing BTC and click on the set limit.
Step 7: Enter the price at which you wish to buy Bitcoin. The value entered should be within the maximum and minimum price mentioned in the app.
Step 8: Select the validity duration for executing the order from the “Valid Till” option and click preview limit order.
Step 9: Your screen will display the number of BTC to purchase for the set price.
Step 10: Verify the details and click buy.
Congratulations! You have placed a Buy Limit Order.
Sell Limit Order
You can place a Sell Limit Order to sell your Bitcoin holdings at a price higher than the current sell price. Here’s what to do:
Step 1: Open the app and enter your PIN.
Step 2: Select Bitcoin from the popular currencies on the home page.
Step 3: Select the ‘SELL’ option from the bottom navigation bar.
Step 4: You will find the drop-down list on the top right corner of your screen. Click on it.
Step 5: Choose between 3 options that appear – Instant, Market and Limit Order. On choosing, the app will direct you to the limit order screen.
Step 6: Enter the ₹ value for selling BTC and click on the set limit.
Step 7: Enter the price at which you wish to sell Bitcoin (Limit Price). The value entered should be within the maximum and minimum price mentioned in the app.
Step 8: Select the validity time for executing the order from the “Valid Till” option and click preview limit order.
Step 9: Your screen will display the number of BTC for the set price.
Step 10: Verify the details and click sell.
Congratulations! You have placed a Sell Limit Order.
Note: If your order does not get executed within the validity period (90 days, 7 days, 24 hours) set by you, it will get cancelled automatically.
What happens after you place your order?
Once you place your Limit order, it may get executed at any time. To ensure your order gets completed smoothly, we lock the BTC and ₹ value in your wallet, against which you have placed a limit order.
After your funds are locked, you will be able to view the balance but cannot use it. When the Bitcoin price matches your Limit price, your order will get executed automatically using the locked funds.
Suppose you place a buy limit order for a coin. The order will get executed only when the buy price matches your expected price. Similarly, if you place a sell limit order, the order will get executed when the sell price reaches your expected price.
Note: You can check the buy price and sell price on the top right corner of the coin page on the app.
Cancelling a Limit order
If you change your mind about your limit order, you can choose to cancel it at any time.
To cancel your order:
- Open the Portfolio tab on the homepage.
- Click on the ‘Orders’ toggle on the top right corner of the screen.
- It will redirect you to a screen that displays your past and current Limit orders.
- Select ‘Open’ to view your current order.
- Select the order that you want to cancel and press delete.
Your order will get deleted and thus cancelled.
By now, I hope you know how to place a Limit Order on CoinSwitch Kuber.
So what’s stopping you? Go ahead and place your Limit order on the CoinSwitch Kuber app.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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