A stop order is an order to buy or sell crypto once the price reaches a specified 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 crypto reaches the set stop price.
How do sell stop orders work?
For a sell stop order, you can set a stop price which is below the current price of the crypto. If the crypto falls to your stop price, your sell stop order will become a sell market order. The execution price of the order may be lower or higher than the stop price.
Example: Crypto X is currently trading at $5, but you want to sell the crypto as soon as its price goes below $4. This may be because you suspect that the price might fall further, and you want to stop holding the crypto when it reaches $4. You'd set your stop price to $4.
If the crypto price of X falls from $5 to $4, your sell stop order will become a sell market order and your order will be executed at the best price available.
If crypto price of X doesn’t reach $4, your order won't be triggered.
How can I set a stop order?
You can set a stop order in-app. On the order screen, tap on the market order dropdown, in the top right corner. You can select the type as stop order and enter the stop price value.