Custom Bitcoin Orders enable automated buying or selling of Bitcoin when it reaches your predefined price. For instance, if Bitcoin trades at $40,000 but you consider it overvalued, you can set a **Custom Purchase Order** to trigger a buy at $30,000.
How to Set Up a Custom Bitcoin Order
Access Bitcoin Trading:
- Tap the Investing tab on your Cash App home screen.
- Select Bitcoin, then choose Buy or Sell.
Configure Custom Order:
- Tap the dropdown menu and select Custom Purchase Order or Custom Sell Order.
- Adjust the price slider or manually enter your target price via the keypad icon.
- Press Next after setting the price.
Finalize Details:
- Specify the dollar amount to trade.
- Choose an expiration period (e.g., 24 hours, 1 week).
- Review and confirm the order.
Top 4 Use Cases for Custom Orders
1. Buy the Dip
Set buy orders below the current price to capitalize on price drops.
2. Capture Gains
Place sell orders above the current price to lock in profits during rallies.
3. Limit Losses
Automate sell orders below your purchase price to mitigate downside risk.
4. Buy the Rally
Trigger buy orders above the current price to enter an upward trend.
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How to Cancel a Custom Order
- Go to the Activity tab.
- Locate the order and select Cancel.
- Confirm the action.
Key Considerations
- Execution: Orders fill only if Bitcoin hits your specified price.
- Funds: Purchase orders deduct your Cash App balance immediately; canceled/expired orders refund the amount.
- Risk Disclaimer: Bitcoin trading carries volatility risks. Cash App may cancel orders due to fraud or market conditions.
FAQ
Q: Can I edit a custom order after placing it?
A: No—you must cancel the existing order and create a new one.
Q: Do custom orders work 24/7?
A: Yes, but they expire based on your selected timeframe.
Q: What happens if Bitcoin’s price briefly touches my target?
A: The order executes if the market trades at or through your price.
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