Crypto Trading: Order Types & Savings Plans

You don’t want to constantly watch the price? With savings plans and special order types, you can automate your crypto strategy. Here you will learn how to invest regularly or plan purchases and sales at your desired prices.

Savings Plan: Invest regularly and relaxed 

With a crypto savings plan, you automatically invest a fixed amount in your chosen coins. This helps you build wealth disciplinedly without stressing over short-term fluctuations.

• How it works: Choose a coin, set the amount and the interval (e.g. weekly or monthly). BISON will then execute the purchase automatically for you.

• Average cost effect (Cost-Average Effect): Since you always buy for the same euro amount, you get more shares at low prices and fewer at high prices. This smooths your purchase price over time. Many investors use the savings plan to benefit from the average cost effect in the long term. Depending on the market situation, a one-time investment can also yield a better return. The average cost effect therefore does not apply in every case.

• Flexibility: You can pause, adjust or delete your savings plans at any time. There are no minimum terms.

• Minimum amount: You can set up your savings plan from an amount of €0.01.

Is the money debited directly from my account?

The savings plan amount you choose is debited directly from your BISON settlement account. Therefore, ensure that sufficient funds are available in your balance account on your chosen debit date. After verifying your BISON account, click on "Deposit Money" in the settings and transfer the desired amount from your personal bank account.

What happens if there is not enough money available in my account?

If your savings plan is not executed due to insufficient funds, your savings plan remains active and will be executed on the next execution date, provided sufficient funds are available.

At what intervals can I set up the savings plan?

The purchase of your cryptocurrency can take place weekly, monthly or quarterly. For a weekly purchase, the exact weekday can be specified. For a monthly purchase, you can choose between the 1st and 15th of the month. For a quarterly purchase, the debit also occurs on the 1st or 15th of the new quarter.

Order Types: Buying and Selling at Your Desired Price 

If you do not want to trade at the current market price (Market Order), two powerful tools are available to you. Please note first: 

• A successfully submitted but not yet executed order blocks the expected countervalue of your transaction. The blocked balances are displayed in your portfolio.

• Furthermore, the spread can cause your limit order not to be executed at the price you set. 

• Every request with a price limit has a validity period of 90 days. At the end of the validity, your order expires and is deleted.

Limit Order

You set a maximum price at which you want to buy or a minimum price at which you want to sell. The order is only executed if the price reaches or falls below your limit (when buying) or exceeds it (when selling).

With the entry order (buying), you set the price limit at which you want to invest in new cryptocurrencies. If the purchase price is above your set limit, your purchase order will not be executed. As soon as the purchase price falls below your price limit, the purchase offer is executed.

With an exit order (selling), you determine the price at which you want to sell your cryptocurrencies at least. You also set the limit and quantity. If the minimum selling price is currently below your price limit, no sale takes place until it exceeds the set minimum selling price.

How do I create a limit order for cryptocurrencies?

You can set a transaction request with a price limit (limit order) as follows:

1. Open the tab "Orders": To set the limit order in your BISON account, first go to "Orders" in the menu bar and select "Open Orders" → "Limit & Stop". Here you can choose whether you want to activate a limit order or a stop order.

2. Determine cryptocurrency: For a new limit order, first select the cryptocurrency for which you want to set the price limit.

3. Choose buy or sell: Decide whether you want to create your limit order to buy or sell cryptocurrencies.

4. Set price limit: Then you can set your limits.

We will notify you as soon as your order has been executed and you have bought or sold the cryptocurrencies. For more information on limit orders, see here: https://bisonapp.com/blog/limit-order/

How do I delete a limit order for cryptocurrencies?

Deletions of transaction requests can be made at any time via the Trading Manager, provided no transaction has taken place yet. In this case, the blocking of the expected countervalue is lifted. Once your transaction request has been executed, it is automatically deleted.

Stop Order

Often used as a "stop-loss". You define a price trigger. When this is reached, BISON automatically triggers an order. This helps you limit losses or secure profits.

• With the “Stop Buy” rule you enter when you expect prices to rise. You buy when a cryptocurrency reaches or exceeds a price you have set.
• With the “Stop Loss” rule you exit to limit losses and when you expect prices to fall. You sell when the price you set breaks below a lower threshold.

How do I delete an order for cryptocurrencies?

Deletions of transaction requests can be made at any time via the Trading Manager, provided no transaction has taken place yet. In this case, the blocking of the expected countervalue is lifted. Once your transaction request has been executed, it is automatically deleted.

Troubleshooting: Why was my order not executed? 

There are a few common reasons why an automated order sometimes doesn’t work:

• Price not reached: For a limit order, the price must exactly hit your target. Sometimes the price “jumps” over your limit without a trade occurring.

• Insufficient balance: If there are not enough euros (when buying) or coins (when selling) in your account at the time of execution, the order is rejected.

• Market pauses: In very rare phases of extreme volatility, trading may be temporarily suspended.

Why was my limit order rejected?

In individual cases, it may happen that a limit order cannot be accepted at the price and time you chose. This happens when the maximum number of limit orders at a certain price has been reached overall.  

Specifically, this means: If too many people place a limit order at the same price, it may be that the maximum number of limit orders for this particular price has currently been reached and no further requests can be accepted at this time.

You will then receive a corresponding notice when creating the limit order. In this case, try again with a different price or at a later time.