In order to improve customer's contract trading experience, CoinBene will launched trigger orders at 16:00 (GMT + 8), May 13, 2020. The details are:
Trigger order is a preset order, which users place ahead with limit price/market price and trigger price, once the latest price reaches the preset trigger price, the trigger order will be sent to market. With trigger order, users could set an order in advance to sell or buy contracts.
At present, USDT contract and BTC contract have supported Trigger order.
Trigger order is generally used for "Buy/Long to chase rising price" and "Sell/Short to chase falling price". Following is an example of Trigger order in USDT contract:
1. In Buy/Sell page, select ‘Trigger order’, input ‘trigger price’,‘order price’and ‘quantity’, and then select the leverage
a）Buy long to chase rising price
If users think the price will keep going up when BTC rises to 10000USDT, users can Buy/Long at price‘ 10010’( higher than market price). When the latest price reaches 10000, the order with limit price‘10010’ will be sent to market. The limit order follows the principle of buying low and selling high. Buy/Long with order price 10010 will be filled immediately when the latest price≤10010, because the latest price is more beneficial to users than the limit price 10010.
Or users can click the market price button, the order will be sent to the market at the best order price when the market price rises to 10000 USDT.
b) Sell/Short to chase falling price
If users think the price will keep falling when BTC falls below 6000 USDT, users can Sell/Short at the price‘5990’(lower than market price). When the latest price reaches 6000, the order with price‘5990’will be sent to market. The limit order follows the principle of buying low and selling high. Sell/Short with order price 5990 will be filled immediately when the latest price ≥5990, because the latest price is more beneficial to users than the limit price’5990’.
Or users can click the market price button, the order will be sent to market at the best price when market price falls to 6000 USDT.
2. Trigger order state(triggered or not), order price and other information can be viewed in the "Trigger order" below. When the latest price reaches the trigger price, the system will sent the order with preset leverage, order method (market price, limit price), order price and quantity to marke The limit order( if it’s not be filled immediately) will enter "open orders"; the market order is usually filled immediately after opening and the position information can be viewed in "position".
1) Trigger price: when the latest price reaches preset trigger price, the trigger order will be triggered and be sent to the market.
2) Order price: it is the buying price or selling price. When the latest price reaches the trigger price, the trigger order will be sent to the market as limit order or market order.
3) Quantity: it is the "order quantity" after the trigger order is triggered.
1.Your margin won’t be frozen until the order is triggered.
2.The Trigger order may not be triggered successfully. It may fails due to price restrictions, insufficient margin, positions or contracts in non-trading state. Successful triggered limit orders are same as ordinary limit orders and may not be filled. Unfilled limit orders will be displayed in the ‘open order’.
3. If the trigger order is filled, a new position will be opened. If it fails, your margin won’t be frozen..
4. The maximum quantity of positions of step margin includes the quantity of trigger order.
May 12, 2020