A Market order is an order placed to buy or sell immediately at the best available current price.
Key Features of a Market Order:
- Takes prices from existing limit orders on the order book
- Executes instantly
- Guarantees execution but not price
- Requires liquidity to be filled
- May experience slippage (difference between expected and actual execution price)
How Market Orders Work
1. When you place a Market order, the system looks at the existing limit orders on the order book.
Example: When doing a market sell for ~530 USDT, the system will select the first three limit buy orders on the order book as they have:
- the highest buying prices, and
- enough volume/USDT amount to cover for how much you want to sell.
2. For a buy order, it matches with the lowest-priced sell orders.
3. For a sell order, it matches with the highest-priced buy orders.
4. The order is filled by executing trades at the best available prices until the entire order is completed.
Example Scenario: The price of BTC is rising rapidly, and you want to buy it as soon as possible. You're willing to accept the market price to purchase BTC instantly. In this case, a Market order on Spot Trade would be your best option.
How to place a market buy order on Spot Trade?
1. Select Market Order tab on the spot trading page.
2. Enter the amount you want to buy or sell. Alternatively, you may use the slider (right below the Total or Amount sections) to indicate how much of your balance you want to use up in buying crypto or how much of your crypto balance you want to sell.
3. Click on BUY or SELL.
How to view my market order history?
- For filled orders, you can check them under the Order History tab to view the Executed Price of each trade.
- For open orders, you can view them under the Open Order tab.
- To cancel an order, click the Cancel icon directly.
Need help?
Contact us through the following channels should you need further assistance:
Frequently asked questions
How many open orders can I make?
You can have a maximum of 300 open limit orders and 10 open stop orders per account. This limit applies to each sub-account as well.
To view your open orders:
- On the Website: Go to the Orders tab and click Open Orders.