Have you had to stare at your crypto.com app or any other crypto exchange app trying not to miss a good entry or exit point to a trade? Target price order eliminates the need to worry about your entry or exit positions.
The tool helps to trigger your positions once the market price reaches the set price. With this new feature, you don’t have to worry about a pump or dump in the price of a token; you will always stay in the market. You get more flexibility and greater controls over your trades when buying or selling cryptocurrency.
What is a Target Price Order?
Target price order is a tool added to crypto exchanges to make traders’ entry and exit positions in a trade easier. It is a kind of order request that allows you to indicate the price at which you would want a buy or sell order to be executed. Your order to trade will not be carried out unless and until the current market price meets the price you specified in the order. Therefore, establishing a target price enables you to purchase at a price that is lower than the current market price or sell at a price that is higher than the price that is currently being offered on the market.
Because Target Price Orders are fully automated, there is no need for you to keep a constant eye on the market or to be concerned that you may pass up an opportunity. For instance, the current price of CRO on the crypto.com app is $0.2. I can set a buy order to buy $100 worth of CRO when the price reaches $0.15. In the same way, if I have CRO as part of my crypto asset, and I plan to hold till the price reaches $2. I will set a sell order for my target price and only when the CRO market price reaches my price will my target be executed.
How does Crypto.com Target Price Order work?
Target Price Orders may only be used for deals involving two different cryptocurrencies. Crypto.com instantly locks the relevant funding amount for Target Buy Orders or the respective crypto asset that is to be sold for Target Sell/Buy Orders when a Target Price Order is issued. Once the order has been made, the funds or crypto-assets can no longer be utilized in any other part of the app.
A Target Price Order does not have a time limit attached to it and will stay open until either the current market price meets the target price or you manually cancel the order. The crypto assets will be instantly released if the order is cancelled. There are no exceptions to this rule, and orders that have already been fulfilled cannot be cancelled.
For instance, you have $300 worth of USDT in your Crypto.com crypto wallet. You execute a target buy order to purchase $200 worth of CRO when the price hit $0.1. You will only be left with $100 for other trades; the $200 used for the target price order is immediately locked. You will only have access to the $200 funds again if your cancel the order.
What you need to know about using Crypto.com Target Price Order tools
The Crypto.com target price order tool is an easy one to use. However, following these tips will increase the convenience of using the tools.
- It is important to always remember that the target price order tool supports only crypto-crypto trades. Therefore, only your crypto wallets work with the target price order tool. If you have funds in your fiat wallet, you need to first convert to crypto before you can set an order.
- When you set a target sell/buy order, you can’t amend the order. In situations when you change your mind about your target entry or exit positions, you can no longer amend once you have placed the order. If the order is yet to execute, you can cancel your orders and set a new one.
- Your set target buy/sell order is infinite. Your target price order doesn’t have an expiration date and will remain open till it is executed or cancelled.
- You can currently only use limited tokens for the target price feature: BTC, ETH, SHIB, ADA, and CRO.
- Crypto.com’s target price doesn’t fill positions in bits (partial order execution). While other crypto exchanges might execute your target price in batches over a close target market price, Crypto.com’s target price order executes instantly (100% execution) once the market hits your target price.
- You can open a maximum of ten open target price orders at a time.
- The notional limit on each Target Price Order is $5,000.
Get started with using Target Price Order
Let’s walk you through your first few steps to placing a target buy/sell order.
Where can you find the Target Price Order feature?
- Click the Cryoto.com logo on your app
- Under the “trade” section, select “Target Price”
You will find all the tools you need to execute your target price order and monitor your orders on this page.
How to Place a Target Buy Order
To place a target buy order:
- Follow the first two steps listed above.
- Under open orders, tap the “Buy button.
- Choose the cryptocurrency you want to buy.
- Choose the crypto asset from your crypto wallet that you want to use for the purchase.
- Input your target buy price or use the percentages under to choose a price.
- Tap “Buy” and enter your passcode to confirm and place your order.
How to Place a Target Sell Order
To place a target sell order:
- Follow the listed steps above to reach your target price order page.
- Under open orders, tap the “Sell’ button.
- Choose the cryptocurrency you want to sell.
- Choose the crypto asset from your crypto wallet that you want to sell.
- Input your target sell price or use the percentages under to choose a price.
- Tap “Sell” and enter your passcode to confirm and place your order.
How to Cancel a Target Price Order
To cancel your target price order:
- Follow the above-listed steps to reach the target price order page on your app.
- Select “Open Orders.”
- Choose the buy/sell order you wish to cancel.
- Click “cancel order” and confirm.
How to Check your Order Status
To check the status of your orders:
- Go to the target price page.
- Click “order history.”
In this section, you will a list of all your incomplete, open, processing, filled, and cancelled orders.
- Incomplete orders are orders where you encountered an error while creating the order.
- Your open orders are submitted orders waiting for execution.
- Processing orders are orders that are near complete execution.
- Filled orders are orders that have been executed.
- Cancelled orders are open orders that you cancel before execution
Why can’t I cancel my Target Price Order?
If you can’t cancel an open order while using the target price order feature, then your order has been executed and can no longer be cancelled. Therefore, you must cancel an open order before they are executed.
With the Crypto.com Target Price Order feature, you can now make more realistic entry and exit positions while you trade. Also, that your orders don’t have an expiry date is an excellent feature to have. Now, you can put into trades what you see on the charts.