We are familiar with limit orders at CEXs. We can also use this feature in Pancakeswap.
What is limit order?
Limit order: When a coin reaches the desired price or better, it ensures that the sell or buy order is executed.
With this feature, you can better manage your trades in DeFi.
Limit Order in Pancakeswap
You can set limit orders at Pancakeswap. But remember this note:
Using taxed tokens on limit orders is highly discouraged and not recommended
Do not use limit order especially for coins with transfer fees. Because for limit order, you need to send your coins to “pancakeswap limit order contract”. In this way, you will both lose and your limit order may not be executed.
Let’s show you step by step:
Step 1: Go to pancakeswap.finance and click “Trade”
Step 2: Click “Limit”
Step 3: Read warning and accept it
Step 4: Connect your wallet. And specify desired price for coin that you want to set limit order. There is “Real execution price” that take into account gas fees. Please check it before proceeding.
And Click “Place an Order”
Step 5: Before confirm, you have to read and understand the order parameters. After that, click “Confirm Limit Order”. Then, confirm the transaction at your wallet.
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