Binance has very many way you can trade with Cryptocurrencies in Kenya, but without the knowledge you can lose all you profit or even make more loses on it. It is crucial that all cryptocurrency traders in Kenya know how to stop loss and take profit. The most common way is using the Limit orders trading option. By definition, limit orders means you have items you want to sell; but without the knowledge on how the market will look like you are willing to sell at a certain minimum price. Let’s say I have T Shirts i bought at Ksh1,000; but the value of this T shirts keeps going up and down. The current value of the T shirts is say Ksh1,500; but you are willing to sell them at nothing less than kSH1,300. So, what you do is just make it mandatory that if the current value falls to Ksh1,300 then all the T shirts will be sold so that you can still keep your ksh300 profit no matter what.
On Binance.com if you have let’s say 1 Bitcoin, you can determine the minimum price you are willing to Automatically sell it. This shields you from making loses if the price of the cryptocurrency falls below the amount you spent on buying it. Limit orders are not only for selling, you can also set a price on how much you are will you pay for the coin. Let’s take an example; You bought bitcoins in Kenya valued at Ksh5,000; the current values has risen to Ksh6,500. So, since you’ve made a profit of Ksh1,500 on top of your spending, you feel you should safeguard this profits. Let’s you are willing to sell them at Ksh6,400 and nothing lower than that. All you have to do is put a limit order to automatically SELL the coins if the price falls to Ksh6,400.
That’s the SELL option. What about the automatically BUY bitcoins option? Say, you’ve SOLD the coins at Ksh6,400 according to the price you set to automatically SELL at. Now you have Ksh6,400 cash that is ready to be spent. The same technique applies, you place a LIMIT ORDER to BUY at a price you feel comfortable which obviously should be lower that the current market price.
How to use it?
Let’s say you want to sell your current Bitcoins and get US Dollars at a price higher than what the current market value or any favorable price. Log in to your Binance account, Click on MARKETS then choose ZONES. You will get a list of various cryptocurrencies. Look for BTC and click on it. This will take you to the Trading market. For our case the market we are interested in is BTC/BUSD combination. BTC (that is BITCOINS) and BUSD (Binance US Dollars). Check image below
After this, find the Limit order tab on the right, set the price and amount, and click the Sell BTC button. You may also set the amount by clicking the percentage buttons, so you can easily place a limit sell order for 25%, 50%, 75% or 100% of your current balance. The same applies to buying, just click on SELL. Once you click BUY BTC or Sell BTC. Your order will be placed.
The good thing about Limit order for buying or selling bitcoins in Kenya is that you can place many orders. Some suggestion if that you place many small limit orders to buy and sell so that you do not lose out of profits in case the price fall and then rises when you are not online to do the actual transactions. For beginner who don’t know How to buy Bitcoin in Kenya with MPESA, please scroll through our previous pages to learn more.