The Cryptopia.co.nz is a powerful crypto currency trading platform where you can deposit, trade, and withdraw Bitcoin, Litecoin, and 400+ other crypto currencies. You can check their forum for more details and updates.
When you buy a cryptocurrency, say COIN-X, you'd buy it at a certain price - 0.1000000 for example. If the price goes up, you earn money; but if it goes down you lose it. The idea of a stop loss is to place a sell order at a lower price than when you bought it to avoid losing too much money on this one trade.
It totally depends upon your strategy, skills and experience in trading cyptos. As a good introduction, please read this article.
Like many other crypto exchanges, Cryptopia doesn't have the stop loss feature at all. Which means:
- You can not apply a condition of stop loss at Cryptopia when you are selling your order
- It is absolutely not a good idea to go somewhere (for example sleep, travel without internet e.g. air travel etc.) when your order is on sale. This is because the price of that coin may start dipping instead of rising as you expected.
- Trading will become gambling and you might even lose all of your money that you invested on a coin!
In order to prevent this situation, we developed this tool and made it available to all Cryptopia traders :)
Such apps only 'tells' you that the price level is reached. But CryptopiaSLT actually execute the stop loss. This how it works:
1. It check whether the stop price has been reached
2. If reached, it cancels the old order (which was on sell at profitable price)
3. It put it on sell again (the same amount) at the stop price.
During this process, you can sleep, fly and enjoy! You don't even have to keep yourself logged in. We do everything on our secure servers.
When a user creates a stop loss request at CryptopiaSLT Dashboard, we call it an 'Alert'. A request consist of the open sell Order# and the stop price, which is at what you want to sell the same order when the price of that coin in the market gets lowered.
It all depends upon how much loss you can bear for a particular trade. Generally, the stop price is between 85% to 95% of the purchase price. You can use our calculator which we have made dedicatedly for Cryptopia traders.
The calculator can help you quickley calculating the stop price from the acceptable loss percentage.
It can also be used for calculating the percentage loss if you know the stop price. The best thing in this calculator is that, it incorporates the Cryptopia trading fee (0.2% buying and 0.2% selling) in the calculations and the answers are more accurate than the traditional calculations.
Take an example:
Let say, you have bought the COIN-X at a price of 0.10000000 BTC. And now, you want to put a stop loss of 10%. The straight forward calculations show that the stop price should be 0.10000000 x 90% which is 0.09000000 BTC. But if you would sell these coins at this price and also pay the fee, the loss would actually be 10.35% (which is more than 10%). To make sure that your loss should remain within 10%, you should sell your coins at the price slightly higher than the price we just calculated. By using the our calculator, you can find that the stop price should be 0.09036108.
CryptopiaSLT checks the prices and compare it with your alerts almost 2-3 times per 10 minutes.
This can only be done by using private APIs, provided by Cryptopia. And, in order to perform different operations in your account (e.g cancelling existing order, selling new order etc.), we would need access to your Cryptopia's account through APIs. For this, you will have to share your API key and API secret with us. This information can be obtained from the security settings of your account.
We save the enrypted version of your password and API credentials to ensure the high level of security. We highly recommend you to switch off the 'Allow unsafe withdraw' and 'Enable Withdrawal' check boxes in security settings at Cryptopia.
We can cancel orders, sell coins and buy orders from your account. However, we can not withdraw money from your wallet. Just make sure that you should switch off the 'Allow unsafe withdraw' and 'Enable Withdrawal' check boxes in security settings at Cryptopia.
IMPORTANT: Anyone (including us), who have access to your API crediations, may do the internal transfers from your account. We use this API only when you are purchasing the subscription through Cryptoipia exchange payment method. So, when you create an account with us, you agree to that you trust us in this matter. Read more about our terms, conditions and disclaimer.
That's all right. We can understand your position. We are offering an alternate solution as well, which is the deployment of CryptopiaSLT Private on your own web server/hosting. This will totally cut-off our access from your API credentials.
We are offering different packages for extending the subscription. For the payments, we are offering the following two methods:
Paying through Cryptopia:
This is the fastest and the most preferred way of making purchases at CryptopiaSLT. The payment is transferred from your account through the use of standard, secured, Private transfer API.
Paying through PayPal:
If you want to transfer the payment in FIAT, choose this method.
No, we do not charge commisions at all. All your trade profits are yours.
After the expiry date of your subscription, you can not create new alerts. However, we keep on processing your exisiting alerts and you can also see the status of your alerts.
Please see our page for Status API.
Please feel free to contact our support. We'll be happy to respond to your queries. We generally take 1-3 business days.