Crypto.com adds stop loss feature to Strike and UpDown options
Crypto.com adds stop loss feature to Strike and UpDown options
Crypto.com introduces stop loss orders for its Strike and UpDown options, offering crypto traders enhanced risk management. This feature is important amid the volatile crypto market.
This feature automatically closes a position when the underlying asset's price reaches a specified trigger level, allowing traders to define their maximum acceptable loss and avoid constant market monitoring, according to the announcement.
To set up a stop loss order, users need to access the Advanced Trading Options while opening a new trade, toggle the stop loss feature, and specify the trigger price, which can be a dollar value, percentage, or specific asset price. Traders can also modify these parameters even after the position has been opened.
Strike options is a CFTC-regulated crypto derivatives product that allows users to potentially profit by predicting whether an underlying asset's price will exceed a specific level at expiry. This product offers a quick profit opportunity based on price movements within a defined timeframe.
UpDown options, also CFTC-regulated, provides traders with the tools to capture value in any market condition. Users can maximize profits, minimize losses, and hedge against price dips. This product enables traders to buy or sell options based on their market direction predictions, with underlying assets including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE).
The stop loss feature underscores Crypto.com’s commitment to providing advanced, user-friendly trading solutions that enhance security and efficiency.
By offering sophisticated risk management tools, the platform aims to support traders in navigating the volatile cryptocurrency market more effectively.
See also: Gemini's eOTC platform aids miners amid market challenges
