Dear Users,
Hotcoin has now launched the function of “Trigger Order” and invite you to experience it!
Trigger Order means that when the latest market transaction price reaches the trigger conditions, the system will place orders according to the pre-set price and quantity set in advance.
【Features of Trigger Order】
- The “Trigger Order” order function now is available in the spot and margin trading section, and it applies to two types of orders, “limit” and “optimal N tier”.
- The assets corresponding to the order will not be blocked before the Trigger Order is conducted. After the Trigger Order is conducted (when placing an order to buy or sell according to the pre-set price and quantity), the assets corresponding to the order will be blocked.
- The Trigger Order may not necessarily be triggered. Affected by factors such as price restrictions, account balances, trading pair delisting, network abnormalities or system upgrades, the Trigger Order may fail to be triggered.
- The transaction may not necessarily be completed after the Trigger Order is triggered. Affected by market conditions, when the market fluctuates greatly and the price rises or falls sharply, the limit order or market order after the Trigger Order is triggered may not necessarily be traded.
- The limit order that is successfully triggered by the Trigger Order is the same as the ordinary limit order and the order is placed at the order price set by the user in advance. The order cannot be guaranteed to be filled and it depends entirely on the current market conditions.
- The market order that is successfully triggered by the Trigger Order is the same as the ordinary market order. It is bought or sold at the current market price according to the buying amount or selling quantity set by the user in advance. The order cannot be guaranteed to be filled and it depends entirely on the current market conditions.
【Terms Description】
Trigger price: When the latest transaction price reaches the set trigger price, the order will be triggered to be placed.
Order price: Namely the buying price and the selling price. When the latest price reaches the trigger price, the system automatically orders the order price. If you select the limit order, the system will automatically place an order at the buy/sell price you set. If you choose the market price, the system will automatically place the order at the market price when it is triggered.
Quantity: it means the “order quantity” after the Trigger Order is triggered. If you select the limit order, the quantity is the buy/sell quantity you set. If you select the “optimal N ”, it is the total amount you set when you buy and the total selling quantity you set when selling.
【APP Demonstration】
A user holds 5 BTC spot, with an average price of 60000 USDT each. The user believes that around 58000 is an important support level. If the price breaks the support level, there will be a big drop. In order to avoid large losses, it is necessary to set a Trigger Order for stop loss and liquidation.
1.1 Specific operation method:
Order placement method 1: Select “Trigger Order”, set the trigger price of 58000 USDT, the selling price of 57900, the order quantity is 5 BTC and click the “Sell” button to complete the order.
Order placement method 2: Select “Trigger Order”, set the trigger price of 58000 USDT, select “BBO”or “optimal N”, enter the quantity, and click the “Sell” button to complete the order. When the latest trading price reaches 58000 USDT, the Trigger Order will be triggered, and it will be quickly sold at the current“optimal N tier” to avoid missing the market.
2.2 Order View
View Untriggered Trigger Orders: After the order is successfully placed, you can view the order in “Open Orders”,or view the order in “Trigger Order”after selecting the “All ”option.And you can cancel the Trigger Order before it is triggered.
View Completed Trigger Orders: After the order is successfully triggered, you can view the order in historical order records , or select the “Trigger Order” record in “Order History”. Cancelled trigger orders can also be viewed in “Order History”.
