Even though the vast majority of exchanges don’t offer any order types besides Market and Limit, Good Crypto users can submit Trailing Stop Loss orders, Take Profits, Stop Limits, and many other order types to any exchange in the app. To enable it, Good Crypto manages all synthetic orders on the platform side.
Here is what happens when you want to place a Trailing Stop Loss on Binance or any other crypto exchange that doesn’t support this order type:
– You submit the Trailing Stop order via the Good Crypto app interface.
– When the order is submitted, Good Crypto servers track market data until the order trigger conditions are met.
– When the trigger fires, Good Crypto submits a corresponding order (Market or Limit, depending on your setup) to the exchange of your choice. In other words, Good Crypto handles the ‘Trailing’ part of your order on its servers and submits a Market or Limit order to the exchange when the Trailing Stop condition is triggered.