Binance adds a stop-limit function to the exchange! 👍

Great news for people trading on Binance! The exchange has just added a stop-limit orders to the exchange. Despite rising popularity, it was one of the features that the exchange was still lacking.

A stop-limit order will let traders protect themselves from a falling price, by automatically selling when the price reaches below a certain threshold. For example, you if the price is at $100, you could set a stop-limit order at 90 to sell it all. If the price then drops to 90, the order would trigger and you would avoid further losses. Similarly, you could also use stop-limit orders to lock in your profits after a price rise. Once the stop limit is set, you're guaranteed that part of the profit because if the price drops below, it will sell.

Binance has been making great strides as a cryptocurrency exchange, offering a very wide selection of some of the most popular cryptocurrencies and offering some of the lowest trading fees on the market. The lack of advanced trading features such as stop-limit orders kept many big investors away though, as they will not take the risk of operating without stop-limit insurances to safeguard their wealth. I myself was doubtful of the exchange for a while too, because of the lack of this option.

For those still using Bittrex and paying outrageously large fees, I recommend trying out Binance exchange as with the addition of stop-limit orders it is truly a very worthy competitor to Bittrex.