The Gemini cryptocurrency exchange, led by the Winklevoss twin recently announced the introduction of Stop-Limit orders on its platform, which according to the company, stands as one of the most requested features from our customers to date.
Based on the official publication, Stop-Limit orders “give traders more control over order execution and trading strategies.” It read,
“Starting today, November 14, you can place buy or sell Stop-Limit orders on all order books using the Gemini ActiveTrader™ interface, as well as our REST and FIX order entry APIs.”
Stop-Limit orders are typically used by traders to help manage risk and are common in marketplaces for traditional asset classes. When the Last Trade Price crosses the Stop Price on either the order book or the Gemini Auction, a Limit order will be placed on the Side at the Limit Price associated with the order.
In addition to explaining the investment possibilities with the latest feature, Gemini’s announcement explained the process of both, protecting as well as entering a BTC position.
Earlier this month, the cryptocurrency exchange had also added an automated customer tax reporting feature, which intends to help its users comply with the tax requirements in a convenient manner.