Onchain trading is more than token swaps. Low market cap tokens can be volatile, making it hard to time your entry or catch the top. Onchain limit orders are the best tool for this, allowing you to set your price, sign a transaction, and then wait for the market to move in your favor.

In this article, we show you how to use Rainbow wallet to create limit orders for more control when trading popular cryptocurrencies such as AI agent tokens or memecoins, or any of the other 8+ million tokens on Matcha.

What is Rainbow wallet?

Rainbow is a popular non-custodial crypto wallet on browser and mobile, which makes it easy to store, send, receive, collect, and swap tokens on multiple blockchain networks.

With a large userbase, clean UI and regular feature updates, Rainbow is one of the best wallets for all your Web3 needs! With well over 500 thousand downloads, Rainbow supports dozens of chains, making it a great companion for trading on Matcha!

Get more from your wallet with fee-free Swaps and Limit Orders on Matcha!

What are limit orders?

Limit orders can give you an edge by sending a transaction when an asset’s price crosses a value you've chosen - either up or down. This means you can buy or sell at the price that suits you, without needing to watch the market.

Matcha is one of the only DEX aggregators that offers limit orders, with a simple interface that gives you all the control you need over your trading.

What you gain by placing limit orders on Matcha:

• Choose the desired price. Ideal for degens seeking positions in illiquid pairs, and grabbing fresh new tokens.
• No slippage, no MEV, no sandwich attacks.
• Zero gas fees to place a limit order, or if it expires unfilled.
• No KYC. Assets stay in your custody until the trade is executed, a whole new experience compared to centralized exchanges!

Limit orders are currently available on Ethereum, Polygon, and BNB Chain, with more networks coming soon!

Why you should use limit orders

Too busy to watch the markets all day? Limit orders let you lock in a great trade even when you’re working on something else. Just set a price, choose a timeframe, and sit back. If the price reaches your limit, the order will fill; if it doesn’t, the order will expire at no cost to you.

📈 Catch the dips or sell the highs on volatile tokens, or set strategic levels on the off-chance ETH flashes below $3000.

🛡 Avoid MEV and slippage entirely. Your trade will execute at the price specified, without leaving room for a front-run, back-run or sandwich.

👾 DCA on low-cap or illiquid tokens. See potential in a specific token? Limit orders are a great way to target good entries on before a surge, or offload those heavy bags when prices spike.

Set up Rainbow wallet for mobile or browser

1. Download Rainbow wallet for your device from rainbow.me/download and set it up. Make sure you write down your recovery phrase using pen and paper and store it safely out of reach of other people (and never take screenshots or store it as a digital note!).

2. Fund your wallet. Click Copy Address to get an address to send funds to, or use the Buy button to top up directly using a local currency.

How to place limit orders using Rainbow wallet

It’s easy to set a limit order on Rainbow wallet using Matcha. Limit orders are free to create, so you can even set multiple orders covering different price points!

Limit orders on Matcha offer several time-saving features, including:

• One-click price selection for market price or 1%, 2%, 5%, 10% above or below.
• Amount-based limit orders: lock in an amount to sell and set how much you want to receive.
• Order batch cancellation: manage and cancel orders from your trade history.

Read our limit orders features article to see these in more detail!

Step-by-step guide to setting a limit order

1. Go matcha.xyz, select Connect and choose Rainbow from the list.

Limit orders will also work from any other wallet listed here.

2. Search for the token you want to trade and click on the Limit tab at the top of the trade module.

3. Select the token to Sell and the token to Buy.

Note: Native tokens like ETH are not compatible with limit orders. Wrap native tokens in the Market tab if you want to create limit orders with them.

4. Set the price you want your trade to execute at.

There are three ways to adjust limit pricing:

• Use the percentage shortcuts (%) buttons to easily choose a price 1%, 2%, 5% or 10% above the market price. The ‘Market’ button will reset the price to current rates.
• Lock the sell amount and adjust how much of the Buy asset to receive.
• Manually adjust the exchange rate by entering a Limit price.

5. Select an Expiry time.

You can choose how long your order will be valid, from 1 hour to 4 weeks. Your order will expire if not filled in that time, or you can cancel it early at the cost of a small amount of gas.

6. Review and confirm your order.

Check you’ve got the price, tokens and expiry, then hit Place order to complete the process!

Now you’re all set! Your limit orders will execute if the asset price hits the execution price you set. You can now sit back and relax while the market does its thing!

Try it for yourself and set a limit order now!

Want to use limit orders with a different wallet? Matcha lets you create limit orders with most wallets, including Metamask, Rabby, Phantom, and more!