Binance adds a stop-limit function to the exchange! 👍
Great news for people trading on Binance! The exchange has just added a stop-limit orders to the exchange. Despite rising popularity, it was one of the features that the exchange was still lacking.
A stop-limit order will let traders protect themselves from a falling price, by automatically selling when the price reaches below a certain threshold. For example, you if the price is at $100, you could set a stop-limit order at 90 to sell it all. If the price then drops to 90, the order would trigger and you would avoid further losses. Similarly, you could also use stop-limit orders to lock in your profits after a price rise. Once the stop limit is set, you're guaranteed that part of the profit because if the price drops below, it will sell.
Binance has been making great strides as a cryptocurrency exchange, offering a very wide selection of some of the most popular cryptocurrencies and offering some of the lowest trading fees on the market. The lack of advanced trading features such as stop-limit orders kept many big investors away though, as they will not take the risk of operating without stop-limit insurances to safeguard their wealth. I myself was doubtful of the exchange for a while too, because of the lack of this option.
For those still using Bittrex and paying outrageously large fees, I recommend trying out Binance exchange as with the addition of stop-limit orders it is truly a very worthy competitor to Bittrex.
Come battle me through @STEEMPUNKNET!
Agreed. Binance has been the top exchanges for a couple of days if you consider the volumes. I have been loving Binance and would suggest this as a good alternative exchange to Bittrex.
great news... And I juust attacked you on steempunk, hope you got your combat boots on... hahaha
Oh my, I see you have been training! Level 8! Well, bring it on, more xp for me if I win! :)
Rematch! Grrr!! :)
hahaha, yes I have, like a machine, I told you I would be back for revenge... So like those defeated kung-fu masters I have been practicing my art day and night, waiting fr the moment where I am strong enough to face my foe once again. hahahaha, and that time is now!!!
Hmm that's interesting. I have never used Binance. I've only ever used Bittrex. Is Binance a good exchange?
I like it a lot so far. It has a lot cheaper trading fees. If you use BNB tokens to pay for the fees, it is 0.05% instead of the 0.25% Bittrex charges. On top of that, the withdrawal fees on Bittrex are high, and Binance is usually about 50% cheaper (this adds up, you'll find out when you withdraw funds from Bittrex to Binance or a private wallet.. it cost me $30 to withdraw my various coins.
Another advantage it has is that it lists a lot of popular coins, whereas Bittrex didn't really add much new since july or so.
The only possibly downside that I can see is that Binance is a Hong Kong based exchange, which may feel a little less safe than Bittrex which I think is US based. On the other hand though, Bittrex has been freezing accounts lately and I think the authorities and IRS are going to start interfering there soon. It could very well be beneficial to be outside of that system. Likewise though, Hong Kong is not China yet still sort of China, so there's that too.
The perfect exchange, unfortunately, isn't here yet :(
hmm. I see. Thanks for the information. You have given me a lot to consider. I didn't realize that the withdrawal fees were so high on Bittrex. I guess I didn't notice, which is another issue in itself lol
Nah, this is stuff all newbies go through really :)
You'll run into a loooooooot more as time goes on. No worries though, you're still among the early ones so you've got one leg up to the mainstream who knows nothing at all yet :)
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I have started trading on Binance and I absolutely love this exchange. They also have an app on the Android market (probably iPhone too), and I find the app to be very good as well.