How to set a stop-loss on the Bogged platform
Last updated
Last updated
Visit https://app.bogged.finance/bsc/trade?type=stop, or navigate to “Stop-loss” from the sidebar on app.bogged.finance. You should see the below interface:
Before continuing, make sure your wallet is on the correct chain and connected, by reviewing the buttons in the top-right corner of the page.
If your wallet is connected, you should see a shorthand of your address instead of “Connect Wallet”.
Begin by choosing which token you would like to set a stop-loss on, using the button in the “From” box. You can choose from a variety of popular tokens, or add your own using its contract address.
Once your token has been selected, you should see the balance of that token in your wallet, as shown below:
If you are unable to see your balance, your wallet may not be connected properly.
You can then enter how much of that token you wish to sell. As you do so, the other boxes in the interface will begin automatically populating.
The second box is currently displaying the current market rate for your input token, per output token.
The “To” box is showing how many output tokens you would receive if you sold your inputted amount at the current market rate.
To make the inputs easier to understand, many users may prefer to change the output token to a stablecoin such as BUSD, by using the button in the “To” field, and change the market rate box so it displays stablecoin per your input.
Now, it is more clear that BOG is currently worth $0.20, and selling 200 at that rate would net us $42.28.
To set your stop-loss trigger, you can change either the "market rate" or the “To” boxes:
Example: You wish to sell 200 BOG if the price falls below $0.15
"Market rate": If you want to trigger the stop-loss if BOG falls below $0.15, simply type in 0.15 into the BUSD per BOG box
“To”: Alternatively, you can achieve the same trade by typing in what the minimum value of your input tokens can be before triggering. In this example, that would be $30
If you are coming from centralised trading platforms, you may be used to setting stop-losses using percentage decline. You can also do so on Bogged by checking the “Required price change” percentage below the interface:
You may have noticed the "Token tax" field - this is for any taxes on the token you wish to trade. Taxes are token/project specific, so you will need to research whether one applies to your tokens.
Do not worry if the tax field isn't accurate- your order will fill as long as the price is within [desired rate + tax], so if you're unsure set the tax a bit higher. You will never be charged more than a standard market order, the tax input is simply there so our systems don't cancel orders with unusually high slippage. (a symptom of high taxes)
The expiry field lets you choose how long your order remains active on Bogged’s systems. Currently, you can set this to up to 365 days.
As DeFi transactions are irreversible, it’s always a good idea to double check any details before submitting them. The Bogged stop-loss provides three summaries to make this process easier:
You may have noticed the “Fee summary” box. Each stop-loss costs $3.00 in native token (BNB, AVAX, etc), or $2.50 in BOG, which covers platform expenses and rewards stakers.
If you have not paid fees on the Bogged platform yet you will first need to approve the token you’re paying fees in.
Click on the above button, then follow any instructions in your wallet app. As you are signing a smart contract, there will be a small network fee charged.
Contract approvals are at the core of DeFi smart contract interactions- they signify that you agree to the terms that the contract provides; typically wallet interactions.
Once the fee token is approved, you’ll see the below buttons:
First, you’ll need to approve the token you’re setting the stop-loss on, with the same process as described above. Then, you can place the order. Remember, each step will require a confirmation within your wallet.
You can use the “Your orders” view next to the stop-loss interface to modify or view the status of your orders. In the rare case that an order fails, you’ll be able to see the reasons why.
In the next section, you can read some stop-loss FAQ’s, and get support with any further issues you may have.
