Limit orders, usually a feature provided by centralized exchanges, helps traders control the prices they trade their assets at in an efficient manner.
Limit Orders Could be a Gamechanger for DEX Traders
PancakeSwap began offering limit orders on the DEX on March 8 in collaboration with Gelato Network. There are mainly 3 types of orders on an exchange, market orders, limit orders and stop orders. A limit order is a type of order that allows users to purchase or sell an asset at a pre-defined price or higher than that particular price set. Here’s how to work the newly introduced limit orders on PancakeSwap.
Step 1: Connect Your Wallet
First and foremost, after going to the Pancakeswap website, users will need to connect their cryptocurrency wallet to the DEXs website to enable the order to be placed. PancakeSwap currently allows users to connect several different wallets like Metamask, Binance Wallet, Coinbase Wallet, Trust Wallet, SafePal, Coin98, Blocto, MathWallet, and Wallet Connect.
Step 2: Choose Limit Orders
Users will then need to choose the ‘Limit Orders’ feature from under the ‘Trade’ dropdown at the left corner of the DEXs homepage.
Step 3: Choose Trading Pair
After connecting the wallet, users will then need to choose the asset they want to trade out of the assets available in the connected wallet and then choose the asset they want in return.
Step 4: Set Price
Users can then choose the price they want to trade their chosen asset at in exchange for another.
Step 5: Toggle Advanced Settings
Users have the options to choose the transaction speed and slippage tolerance for the order by clicking on the Settings button in the top-right of the limit orders section. Else the standard default transaction speed of 5 GWEI and slippage tolerance of 0.5% will be used automatically.
Step 6: Enable Asset to Submit the Order
The last step is to enable the asset on the DEX which will prompt the connected to ask for an authorization to execute the transaction. The limit order will be executed once the market price of the asset meets the price entered by the user in step 4.
What is PancakeSwap?
PancakeSwap is the leading decentralized exchange on the BNB chain, with the highest trading volumes in the market. PancakeSwap runs on Binance’s Build n Build (BNB) chain, a blockchain with much lower transaction costs than Ethereum or Bitcoin. As a result, trading fees are lower than other top decentralized exchanges, and the protocol offers a secure place to farm yields thanks to its Syrup pools.
Find more about PancakeSwap here:
Source : bsc.news
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