Stop Loss For Gatehub? Newbie seeking help

[xrpwillrise]

Hello!

I have been following XRP chat for a couple months now, and have invested heavily into XRP. 

The way that I have been buying XRP is through the coinbase -> shapeshift (bitcoin to XRP) -> Gatehub. Given the amount of money I have invested, I am interested in putting a stop loss in the event of a substantial crash. 

My question is, does Gatehub have the features/functionality to set up a stop loss (i.e if XRP drops to .10 it will automatically sell and convert to USD)? If so, I would really appreciate it if someone could inform me of the steps to set this up. 

Thank you so much to this great community.

[T8493]

7 minutes ago, xrpwillrise said:

My question is, does Gatehub have the features/functionality to set up a stop loss?

No.

 

[xrpwillrise]

Thanks for the information! How would I go about getting my XRP into an exchange/wallet with the functionality I am seeking - and which one would you recommend? 

[T8493]

13 minutes ago, xrpwillrise said:

Thanks for the information! How would I go about getting my XRP into an exchange/wallet with the functionality I am seeking - and which one would you recommend? 

I can't recommend any exchanges, but exchanges such as Poloniex, Kraken, Bitstamp, etc. offer this functionality.

If you want to send your XRPs to an exchange, you should read instructions provided by this exchange. Generally speaking, you'll have to figure out the exchange Ripple account and destination tag that corresponds to your account on that exchange. 

However, be very careful when using such advanced order types. Typically, there's no guarantee that you'll be able to sell your XRPs at the requested stop-loss price (e.g. in case of a flash crash).

 

[Guest]

I think that order type is misnamed...  It should be called a Create_Loss order.   There is no loss in a crash until you sell.  

Because if XRP crashes it will be because of some dumb internet hysteria....   the fundamentals are good.  So your order will be lurking there waiting to dump your later-on-valuable-again XRP at a dirt price to create a loss.  

Even if it's above your buy price, and assuming in the hysteria that your order gets filled (it may not if the price plummets quickly) you may then be out of XRP just in time to find the rocket recovery leaves you worse off if you try to buy back in.

Meanwhile...  because you had to go to an exchange to get this dubious benefit, your Zerps have been sitting there all terrified of getting hacked away from you at any time....