Do you allow limit buy orders ( for example buy 1BTC if the price gets to 1000 ) ?
Hi Michael, yes! However, what I think you're looking for is actually called a "Stop Limit" order. A buy limit order for 1 btc at 1000 USD would send an order that to buy at 1000
or lower- so with today's prices (sub 1000) this would essentially be a
market order (aka your execution price will be whatever the best offer(s) to sell 1 BTC are on the exchange's order book).
Using BTX Trader, you can send straight limit orders to exchanges just like you would at each of the exchanges' websites, but in addition to that you can send
Stop Limit orders. Once we see that your Stop price has been hit (we look at last trade at each exchange, not bid or ask), your limit order gets sent to the market.
To place such an order:
1. Open a
Montage window in BTX Trader
2. choose an
exchange at the top of the montage window, this will pull in that exchange's order book and set the destination for the order.
3. change the
destination to
"ALGO" - some more fields will appear on the order bar
4. Select your
route (options are: MT Gox, BTCChina, BitStamp, CampBX and BTC-E)
5. Choose your
stop price (1000 USD)
6. Choose your
quantity (1 BTC)
7. Choose your
limit price. This is were it may get tricky. Depending on market conditions, if your stop is 1000 and your limit is 1000 then your Buy order will get sent to the order book at 1000 after the price reaches 1000. This might mean that if the market continues to move upwards, your order might not get filled or might only get partially filled. If you would like to be more aggressive, you can enter a higher limit price. Or if you feel that the market may dip after touching 1000, then you can enter a limit price lower than 1000.
8. Hit the blue
Buy button to send the order
Our order engine monitors the market data we receive from exchanges in real time to determine the marketability of the order. If the stop price has not been reached, the order sits in the Blotter window as status = "OPEN". Once the stop price is reached, the status changes to "TRIGGERED" and your limit order is sent to the exchange.
