Coinbase, a leading bitcoin wallet and exchange company based in San Francisco, has announced that it has introduced stop orders on its platform.

Stop orders let customers to buy or sell bitcoin at a specified price and helps traders protect profits, limit losses, and even initiate new positions when the market breaks out.

In order to place a stop order on Coinbase Exchange, a users need to follow these simple steps:

• Sign in to Coinbase Exchange
   
• Select the STOP tab on the orders panel
   
• Choose whether to place a “Buy” or “Sell” stop order
   
• Enter the amount of bitcoin they want to buy or sell
   
• Set the price at which they want to trigger the order
   
• Click the “Place Buy Stop” or “Place Sell Stop” to place the order

Once submitted, stop orders are immediately visible on the open orders panel and can be cancelled anytime by clicking the “X” in the status column. Customers who use programmatic or automated trading strategies can also place stop orders via the “STOP ORDER” endpoint in the Coinbase Exchange API.

Earlier this month, Coinbase launched a new Coinbase product (in beta) to users in the US: Buy bitcoin instantly with debit cards. Initially being rolled out to 1% of U.S. customers, the feature will be gradually released to 100% over the coming months. Coinbase believes that this capability will make it significantly easier both for new users to get their first bitcoin, and for existing users to get bitcoin quickly.