Summary: This article explains how to set a default order type for your trades on Bitvavo. You'll find step-by-step instructions for adjusting this setting and learn the difference between a market order and a price guarantee order. It also explains the benefits of the price guarantee and how it works.
You can choose which order type you’d like to use by default for all your trades. This setting helps streamline your trading experience by pre-selecting your preferred option each time you place an order.
To set your default order type:
- Open the Bitvavo app.
- Tap the profile icon in the top-right corner.
- Go to "Settings".
- Select "Trading".
- Tap "Set default order type".
- Choose one of the following options:
- Market order: Executes your trade immediately at the best available market price.
- Price guarantee order: Locks in the trade price for 5 seconds to protect against sudden market changes.
Your selected default will automatically be used for all future buy and sell orders. You can update this setting at any time via Settings Trading Set default order type.
FAQ
What is a price guarantee order?
A price guarantee order allows you to place a trade with a locked-in price for up to 5 seconds. This protects you from slippage and market volatility. It helps ensure price predictability and reduces risk, especially in fast-moving markets.
How does Bitvavo price guarantee work?
Bitvavo takes on the market risk during the 5-second lock. To manage this, Bitvavo adds a small spread to the locked-in price. The final execution price is the same as the one shown in your trade preview, regardless of small market fluctuations. Depending on the market movement, this may result in a slightly higher or lower execution price compared to a market order.
What is the benefit of the Bitvavo price guarantee over a market order?
With a price guarantee, you always know in advance at which price your trade will execute. A market order, on the other hand, executes at the best available price at that moment, which could differ from what you see on screen. That makes the price guarantee more reliable if you want to avoid surprises.
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