Turkish Crypto Exchange THODEX is Adding Stop Loss to its Exchange Platform
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THODEX, a cryptocurrency exchange company based in Turkey, has announced that the company has launched one of the most important services, stop loss. The registered users on THODEX can now put a stop loss on their crypto portfolio and protect themselves in case of a crash or a significant price drop. The functionality also makes it easier for investors to be relaxed and not worry over being on the exchange screen 24/7.

What is THODEX

THODEX is a Turkey-based cryptocurrency exchange that recently rebranded itself from its earlier version Koineks. The exchange, which was only available to Turkish investors, has also gained a FinCen MSB license by the US government and is now regulated by the SEC. The license was obtained by THODEX to accept US investors on their platform.

The exchange has been one of the premier exchanges operating in Turkey for a while now, and has set up Bitcoin ATMs across the country. The exchange also provides credit and debit card service to its users, with the ability to exchange fiat into cryptocurrency. With over 20 cryptocurrencies offered on their platform, the exchange allows support for both mobile phone and desktop, with state-of-the-art security protecting user’s information and wallets.

What is Stop Loss

Stop loss is a functionality that crypto exchanges are borrowing from traditional stock exchange platforms. A stop loss allows the user to limit their loss or gain, preemptively. A holder of the asset can set the price he would like to sell the asset at and the exchange automatically sells the asset at that price. With this the investor can easily limit their loss and protect themselves as well. After buying the cryptocurrency, the holder can put a condition on it, for the maximum loss they can endure and the maximum profit they want. This way they can limit their losses substantially, and also automate the selling process for their desired gain. The stop loss has always been a tool for investors who don’t want the pressure of monitoring the security on a day-to-day basis, the whole process gets automated for these people.

For example, a cryptocurrency holder who buys Bitcoin at a price of $30,000 can essentially use the stop loss functionality to instruct the exchange to sell the Bitcoin when it hits $50,000 to get the profit he wants to get, without looking at the exchange screen all the time, or if he wants to limit losses, he can instruct the exchange to sell when the price drops to $25,000. This is how stop loss can be used by investors.

How to Use Stop Loss on THODEX

To use the stop loss function, investors can login to their THODEX account and go to the BTC market option. A new tab has been added which says "Stop-limit". This tab will take you to a form where you can set conditions for selling and stopping the trade. As soon as Bitcoin hits the market price that you have set, your order will be executed.

There are many other crypto exchanges that have added this functionality, in early 2020 AAX, a digital asset exchange platform, added this functionality for its customers. Big time central exchanges like Binance, Coinbase and HBTC already offer their investors the stop-loss functionality on their platforms.

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