You can currently place only Limit Orders and Stop-Limit Orders on the CoinSwitch Pro platform. Other order types will be enabled in the coming days. You can view these order types while placing an order.
Limit Buy Order: The limit buy order lets you choose the price at which a currency can be purchased. To place a limit buy order, you have to set a price that you think the currency might reach some time in the future. The amount you set for the limit buy order would be locked in your INR wallet till the order gets executed, expired, or deleted. When the market moves and if the buy price of the currency reaches the price that you set, it will get executed, and you will receive your currency at your set limit price. The execution of this type of order is not guaranteed, as it solely depends on the market. You can however delete a limit buy order if you think the market is not moving in your favor and your locked balance would be available in your INR wallet.
Limit Sell Order: Similar to limit buy order, the limit sell order lets you sell your currency at your set limit price. When the market moves and the selling price reaches your set price, the order is executed, and you receive the amount in your INR wallet. The amount in your wallet would remain locked till the order is either executed, expired, or deleted. Please note that the graph on the coin screen is the historic representation of the buy prices, and a limit sell order is executed at the selling price. Hence, even if the buy price has reached your set limit, the selling price might not have reached it yet, due to which your order would still be in a pending state. The execution of the order is also not guaranteed, as it solely depends on the market. You can however delete a limit sell order if you think the market is not moving in your favor and your locked balance would be available in your INR wallet.
Stop Limit Order: A stop-limit order is a type of order that combines the features of a stop order and a limit order. A stop-limit order is an order to buy or sell a crypto once the price of the security reaches a specified price, known as the stop price. When the stop price is reached, the stop-limit order becomes a limit order that will be executed at a specified price (or better).
You set a stop price and a limit price for your stop-limit order. If the price of the crypto reaches the stop price, the stop-limit order is triggered and becomes a limit order. The limit order is then placed on the order book at the limit price you specified. If the crypto can be bought or sold at the limit price or a better price, the order will be filled.