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A stop order is an order to buy or sell a cryptocurrency once the price reaches a specific price, known as the stop price. When the stop price is reached, a stop order becomes a market order and is executed at the best available price (which can be lower or higher than the stop price).

Stop orders aren't guaranteed to execute until the price of the cryptocurrency reaches the set stop price.

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For a buy stop order, you place a threshold (or ‘stop’) on how much you’ll buy a cryptocurrency for. Your order triggers when the current price goes beyond your ‘stop price’. It may execute at a different price depending on fluctuations.

Here's an example — Crypto X is currently trading at USD5 per coin, but you want to buy as soon as the price rises to USD6 per coin. This may be because you suspect that the price might rise and you want to buy the cryptocurrency before the price increases. You would set your stop price to USD6.

• If Crypto X's price increases from USD5 to USD6, your buy stop order will become a buy market order and your order will be executed at the best price available
• If Crypto X's price doesn’t reach USD6, your order won't be triggered

For a sell stop order, you place a threshold (or ‘stop’) on how much you’ll sell a cryptocurrency for. Your order triggers when the current price goes beyond your ‘stop price’. It may execute at a different price depending on fluctuations.

Here's an example — Crypto X is currently trading at USD5 per coin, but you want to sell as soon as the price goes below USD4 per coin. You think the price might fall further and become less favourable to you. You set your stop price to USD4.

• If Crypto X's price falls from USD5 to USD4, your sell stop order will become a sell market order and your order will be executed at the best price available
• If Crypto X's price doesn’t reach USD4, your order won't be triggered