JAN 26, 2023
Limit Orders Now Available on the Gemini Mobile App
We are pleased to announce that Gemini users can now place and manage limit orders through the Gemini Mobile App. Mobile limit orders provide you with another powerful tool to take control of your crypto journey.
Placing a Limit Order on the Gemini Mobile App
- To place a limit order on the Gemini Mobile App, navigate to the crypto that you want to buy or sell and tap “Trade”.
- At the top right hand corner of the next screen you will see an option to toggle between “Instant” or “Limit” orders. Note: orders will always default to instant.
- Once you’ve selected the “Limit” order type, you can set a “Limit price” and “Amount”.
- Click “Continue” and follow the prompts to finalize your order.
While you wait for a token to hit your desired limit price, your order is considered open. You can cancel open limit orders at any time on the mobile app through your portfolio or home tab. Tap on an open limit order and hit the cancel button. Once canceled, any funds that were on hold for the order will be released and available to withdraw or trade.
Once a limit order is placed, it will automatically fill when there are corresponding buy or sell orders with prices equal to or better than the limit you've set. If you have open limit orders, they will appear on your homepage, portfolio page, and asset detail view.
Notes: To access mobile limit orders, make sure that you’re on the latest version of the Gemini Mobile App. Users must fund their accounts before setting a mobile limit order.
What Are Limit Orders?
As opposed to an instant market order, the aim of a limit order is to buy or sell an asset at a specified price (or better). A buy-limit order is executed at the set limit price or lower, while a sell-limit order is executed at the limit price or higher.
A limit order will only fill if the market price of the asset reaches the limit price and there is sufficient market liquidity. Quick price changes or a lack of liquidity can result in a partial fill, with the remainder of the order amount remaining open until it can be filled or the customer cancels the order.
Although limit orders don’t guarantee that your order will be filled, they are a useful tool to ensure you only buy or sell an asset at your preferred price (or better). Limit orders also are beneficial if you are not actively trading and don’t follow price movements on a daily or hourly basis.
For example, you can specify that you want to buy 1 BTC if its price falls to $15,000 USD, or lower. Or, you can place an order to sell 1 BTC when its price climbs to $25,000 USD or higher. You can set those limits and the orders will execute once those prices are hit, without constantly checking daily price movements.
If you have more questions about limit orders, we invite you to visit our FAQ page.
We are thrilled to add this new advanced functionality to our mobile app, enhancing your in-app experience as we continue on our mission to unlock the next era of financial, creative, and personal freedom.
Onward and Upward!
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