Setting Stop-Loss at Binance

[Pipdips]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

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[hugeblack]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

This feature has been on the platform since 2017 and there are many explanations you can find, including but not limited to:

 - What Is a Stop-Limit Order?
 - How to use Stop-Limit Function

you can try Bittrex or GDAX as an alternative.

[Pipdips]

I already understand Limit and Market orders but I have read those Binance tutorials a hundred times about Stop-Loss, and still do not understand. Why do they have two stop-limits to set? It still does not make sense to me setting two numbers when I want to sell at just one number. Can you set two stop limits at the same time? Or one stop limit and one limit order? It is confusing.

Can you use these to make trailing stops?

What is the point of a "trigger"?

[glennmatthew]

Hey Pipdips,

Binance is a great trading platform but it is a little bit limited in the option to set stop losses. The main problem I find is that you need to actually be in possession of a coin to set a stop-loss on it, so you can't plan a whole trade, set it up, and wait for things to happen.

It means that you can not for example:
Set up a trade that automatically  :
1. Waits till the price reaches a certain level to purchase
2. Automatically enable your stop loss and/or take profit.

It all happens in the background through the API and it means you can set up a trade and leave it overnight without worrying that you will miss out on an opporunity.

You can do all of it with 3 Commas, it is free to use if you are trading with less than 700 USD. It helped me out a lot, I recommend that you give it a shot!

And if you do, if you would be kind enough to use my referral link I would be grateful
https://3commas.io/?c=tc120055


Good luck!

[GreatArkansas]

Why do they have two stop-limits to set? It still does not make sense to me setting two numbers when I want to sell at just one number. Can you set two stop limits at the same time? Or one stop limit and one limit order? It is confusing.

Maybe you are confused because there are two inputs you want to fill. Maybe what you mean is called here is Stop market. Stop market and stop limit are different.

Stop limit - two inputs you need to fill, (stop price, limit price)
Stop market - only 1 input, price where you want to stop and it will automatically close your position on the nearly available price that will satisfy your order. Bitmex is one of the examples that has stop market feature for stop loss.
(BUT Binance, don't have any STOP MARKET for now, only STOP LIMIT)


As you can see, you will set a sell stop limit..
Stop price field is where your (limit price field) will set a sell order.

Just like this.


Read more here: https://www.binance.vision/tutorials/what-is-a-stop-limit-order

[exstasie]

I already understand Limit and Market orders but I have read those Binance tutorials a hundred times about Stop-Loss, and still do not understand. Why do they have two stop-limits to set? It still does not make sense to me setting two numbers when I want to sell at just one number. Can you set two stop limits at the same time? Or one stop limit and one limit order? It is confusing.

Can you use these to make trailing stops?

What is the point of a "trigger"?

Once the price reaches your stop level, it triggers a limit order to liquidate your position. That's why there are two inputs, one for "stop" and one for "limit."

If you want to make sure your stop order gets filled, set a wide trigger. If there is no liquidity between your stop and limit, the market can shoot right past your limit order and your position won't get stopped out. Setting a limit order very far from your stop effectively makes it a market stop order.

[FrozenBit]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

Stoploss has been around for a long time, it has been applied in Binance since 2017. You can find out about stoploss before trading. I think you still don't understand much about trading. Below is a link to use stoploss. good luck
https://www.binance.com/en/support/articles/115003372072-How-to-use-Stop-Limit-Function

[darewaller]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

I dint think you need any tutorial to do this simple task, and you have to really learn to first try to research on your own before asking some questions, stop loss is not anything that is hidden on Binance. Binance has one of the most friendly and self-explanatory website, and if you had really placed order on Binance before, you will realize that they have this tool already installed which you can see when placing your order and this is not a new feature.

I think you should do more with the beginners trading platform that they have created especially for people like you. It is not only Binance that has this though, virtually all other exchanges has this on their exchanges, and you could also try using some broker’s platform like Forextrader, instaForex and alpari.

[Bikramjit0007]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

I think Bittrex is a great option for you .

[cosmofly]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

Binance has set up a stoploss system for a long time. seems its interface is quite confusing to you?
If it is too strange for you and you cannot use it in the best way, you can trade in Bittrex. There, the interface is simpler and the settings are much easier.

[torry28]

Some people suggest OP move to bittrex if he is confused with Binance's interface (Which i don't find why it's confusing, their interface isn't confusing and they are even have new interface). You guys should remember if

you need to passed KYC first on bittrex before you can withdraw your money

What @GreatArkansas explained on above should be cleared OP's problem

[davinchi]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

Binance has set up a stoploss system for a long time. seems its interface is quite confusing to you?
If it is too strange for you and you cannot use it in the best way, you can trade in Bittrex. There, the interface is simpler and the settings are much easier.

Binance trading interface is the simplest I have ever seen and it is very user friendly, that is why they have advanced and beginner on their exchange, probably he is been going to advance which is why he is not seeing the feature, because it is very glaring on the beginner own and that is one of the first thing he should even see once he is setting his buy order.

Well, bittrex too is not so bad, they have every simple interface too and so as Kucoin, but I have heard some complains about the services of bittrex, and I think there was an issue I had with them that made me switch to Binance, because bittrex was the exchange I initially started using before moving to Binance and got a better services there. I think for any newbie, Binance still remains the easiest platform for them.

[glennmatthew]

Does Binance not have a feature to do this?  If not, what exchanges do have the features for doing trading stops?

Binance has set up a stoploss system for a long time. seems its interface is quite confusing to you?
If it is too strange for you and you cannot use it in the best way, you can trade in Bittrex. There, the interface is simpler and the settings are much easier.

Binance trading interface is the simplest I have ever seen and it is very user friendly, that is why they have advanced and beginner on their exchange, probably he is been going to advance which is why he is not seeing the feature, because it is very glaring on the beginner own and that is one of the first thing he should even see once he is setting his buy order.

Well, bittrex too is not so bad, they have every simple interface too and so as Kucoin, but I have heard some complains about the services of bittrex, and I think there was an issue I had with them that made me switch to Binance, because bittrex was the exchange I initially started using before moving to Binance and got a better services there. I think for any newbie, Binance still remains the easiest platform for them.

It is the easiest platform to use, and there are great tools and indicators that you can plot onto the charts, which really help make good trades.

I can't believe I was always avoiding top exchanges, and using stuff like nova exchange, cryptopia etc.

Silly me

[Pipdips]

Binance trading interface is the simplest I have ever seen and it is very user friendly, that is why they have advanced and beginner on their exchange, probably he is been going to advance which is why he is not seeing the feature, because it is very glaring on the beginner own and that is one of the first thing he should even see once he is setting his buy order.

Bingo!  I have always used Binances Advanced exchange.

But at any rate, Binance does not allow setting two exit points (high, and low).  It is more like you can pull off doing trailing stops, while having to continually reset positions manually.  Binance does not allow to just set two positions (high and a low) and just leave them be.

Still it remains very confusing for me and that is probably because the only exchange I have experience with is Binance.  Certainly everyone says it is easy to learn but the only strategy I use is scalping, so I never leave positions open for any reason, and I always manually close out all of my positions before logging out.