On March 16th, although I didn't notice until this morning, Coinbase added a new feature most exchanges have [had] and a vital tool for professional traders and hobbyists alike. Stop orders.
Although notorious for bringing duplicate ideas to the market after others already have and releasing cool toys that few people can actually play with, they do have one of the coolest looking bitcoin exchanges on earth.
This only recently of use to yours truly since it took a year to actually get to play with it. They didn't , and still don't, support the entire United States and for the majority of its lifespan that excluded my state.
Traditionally, a stop order (stop-loss order) is an order to buy or sell once a price reaches a specified target, known as the stop price. When the stop price is reached, a stop order becomes a market order. A buy stop order is entered at a stop price above the current market price whereas a sell stop order is entered below it.
Coinbase already had limit orders (specific price to buy/sell at) so this is a nice addition to the exchange giving traders more tools to build their strategies with some automation.
Given all of that and having tested it myself I can say that it works and that the Coinbase exchange officially sucks less now.
Credit where credit is due.
Story by dinbits
image by dinbits staff