Uphold, a digital money platform providing investors with easy, single-wallet access to cryptocurrencies, fractional U.S. equities, physical metals, carbon credits and FX, has now launched smart limit orders.
A traditional limit order is an order to buy or sell an asset at a specific price or better but requires users to lock in or freeze their funds at the time an order is placed until filled or cancelled. Uphold’s smart limit orders allow users to place up to 50 limit orders simultaneously without having to lock in funds at the time the limit order is set up.
This not only allows users to keep funds liquid and make other trades in the market but also provides optionality since multiple ‘orders’ can be set up with the same $100 stake, for example. For retail investors with limited fiat balances, this represents a giant leap forward as it provides the kind of optionality to set multiple limit orders that only institutional investors have traditionally enjoyed.
Smart limit orders across multiple asset classes
Furthermore, Uphold allows users to place smart limit orders across multiple asset classes, including cryptos, equities, precious metals, carbon credits and FX, such as, ‘Sell Tesla and Buy Bitcoin when BTC is less than $50K.’
“Today, Uphold becomes the first platform to offer users the opportunity to leverage limit orders across cryptos, stocks, physical metals and FX,” said Uphold CEO, JP Thieriot. “Fintech platforms have kickstarted a new phase of growth with millions of people flooding back to the stock market and looking to include cryptocurrencies as an essential part of their investment portfolios for the first time. Uphold’s smart limit orders open up new possibilities for retail investors and levels the playing field by taking institutional-grade functionality from futures trading and applying it to spot orders.”
First limit order to fill takes the allocated capital
If multiple limit orders are placed simultaneously, the first limit order to fill takes the allocated capital and subsequent orders will fail unless the user tops up their balance. If the user still has funds in the account after the first order has been filled, the remaining orders will remain open until all the allocated funds have been used.
U.S. customers have the added benefit that funds can be pulled automatically from their bank accounts via the ACH Network. Uphold plans to shortly introduce similar automatic top-ups from debit and credit cards.
A digital money platform serving over 7 million customers in more than 150 countries. Uphold now manages almost $3 billion in customer assets. The Silicon Valley firm today opens up to 50,000 accounts a day as consumers seek a more versatile and cost-effective home for their financial lives. Leveraging blockchain technology, the platform provides both consumers and businesses with easy access to 55 digital assets, 27 national currencies, four precious metals and 50 fractional U.S. equities.