Target Orders let you set a bitcoin price that will automatically trigger a bitcoin buy or sell. When the price of bitcoin hits the number you specify, your buy or sell will be triggered automatically.
For example, let’s say bitcoin’s current price is $70,000. You can set a Target Order to buy $500 worth of bitcoin automatically if the price drops by 5%. You could also set a second Target Order to sell $1000 if the price of bitcoin rises 10%. The amounts and percentages are customizable by you.
Use Target Orders at your own risk. Review our User Agreement for more information.
When to use Target Orders
There are a few reasons you might want to set up one or more Target Orders, depending on your personal preferences and investment strategy.
Some people like to buy bitcoin when the price dips because they believe this lets them purchase bitcoin at good price. Others choose to sell bitcoin when the price dips in order to limit their losses.
On the flipside, some people choose to sell bitcoin when the price goes up in order to convert their gains to cash. Others choose to purchase more bitcoin as the price rises in order to benefit from the possibility of a sustained rally in the price.
How Target Orders work
When you set up a Target Order, the amount of bitcoin or cash that you specify will be set aside and locked until the Target Order triggers or it is canceled.
Note that funds transferred using ACH are subject to a holding period. If funds are not available when conditions for the Target Order are met, the Target Order will be cancelled automatically.
How to set up a Target Order
You can set up a Target Order in a few quick steps.
1. Click the Buy Bitcoin button and select “Buy” or “Sell” depending on the type of order you’d like to create.
2. Choose Target Order from the drop down menu.
3. Enter the details, including the price at which you’d like the Target Order to trigger, and the amount you’d like to buy or sell.
4. Review the details and click “Confirm” when you’re ready.
5. You’re done!
How to cancel or modify Target Orders
Active Target Orders are viewable in the Automations section of your Dashboard. Clicking on it will show you the details of all of your Target Orders.
To cancel a Target Order, choose Cancel Order. The funds associated with this order will be unlocked and re-added to your balance.
To modify a Target Order, simply cancel it and create a new one with the modifications you want.
Fees for Target Orders
The minimum amount you can buy or sell with Target Orders is $5 and the maximum depends on your account history and reputation. The maximum price of bitcoin you can use to create a Target Order is $1,000,000.
Target Orders have the same fees and spread as regular Buy and Sell orders. You can read more about our fees and spreads here.