Limit Orders

Along with market orders, traders can also choose to use limit orders for a slightly higher fee of 0.15% for a limit order. A limit order allows the trader to determine the price of the entry or exit of a position. This can be beneficial if you're waiting for an asset to hit a specific price before opening a long or short on the asset.

Example: BTC has a price of $50,000 and I want to enter a short position if BTC decreases in price to $49,900. I can set a short limit-open order that will activate if BTC's index price reaches $49,900. Once the position is open, I could then set a limit-close order and indicate the price I'd like to take profit on my position, or choose to use market-close order at any time to close out the position at BTC's current price.

Traders on Takepile can set a limit close for an open position at any time. You'll need to input the price that you want the order to take profit at and submit it. Once an order is submitted, you'll just need to wait until the asset hits the price you've indicated, and the position will automatically close out. If you decide you want to alter a pending limit order, you can cancel it at any time, as long as the order hasn't been filled. We wanted to give traders plenty of options when it came to how they open and close positions on Takepile, so we made sure to give our traders the ability to set stop-losses and take profit levels on a limit close. We'll go over how those options work in the next section.