Coinbase officially launches stop-loss order feature

Major bitcoin wallet and exchange service provider Coinbase has announced the official launch of stop-loss orders , a new feature that allows customers to buy or sell cryptocurrencies on the Coinbase exchange at a previously specified, predetermined price .

Now, bitcoin service provider Coinbase has added a new stop-loss order feature, allowing users to buy and sell bitcoin at a preset price.

The feature will help traders protect their profits and stop losses in time, as well as set up new short positions and parameters when the market breaks out in one way or another, as Coinbase said.

The feature can be enabled in the "STOP" option on the command page, where the user will set a stop order to 'buy' or 'sell' a cryptocurrency. Once the amount is entered, the user sets the price point at which the order will be executed.

Once submitted, the stop loss order is immediately available in the "Open Orders" page. The stop loss order can also be cancelled at any time.

At the same time, stop-loss orders will also be integrated into the Coinbase exchange’s API (application programming interface). Traders who use automated trading strategies or programmatic trading will also be able to set stop-loss orders using the stop-loss order endpoint within the Coinbase exchange’s API.

The launch of the feature, which enables US customers to buy Bitcoin on the go with their debit cards, comes just weeks after the beta version of another feature was launched. While the beta version is only available to 1% of US users initially, the feature will eventually be available to all US users in the coming months.