A market order is a request by a trader to execute a transaction as quickly as possible against the best market price. Market order guarantees the order execution but does not guarantee the price. That’s why this type of order is used when the speed is more important than the price of execution.
How to place Market Order
1. Open the Trade page
The Trade page is divided into four main sections: New Order, Order Book, Trade History, Chart, and Order Details.
Want to know more information about Trade page opportunities? Please follow the link to the Trade page overview.
2. Choose a Main or sub-account for trade:
Account selector - allows you to choose on behalf of which account you want to create a new order.
By default, the Main Account is selected in the accounts list. You can also use the search bar to find the account you need in case there are more than 5 accounts.
3. Choose pair for trading
Trading pair selector - allows you to choose the pair for trading by either scrolling or using the search bar.
By default, either BTC-USD or the last selected pair is automatically selected.
For your ease of use, Buying power overview - shows the available trading balance, for the selected account, for the selected trading pair.
4. Choose to Buy or Sell
A market order allows you to buy or sell crypto at the current market rate. Such orders are filled instantly.
5. Choose the order type
The market order is chosen by default. Nevertheless, if another type of order was preselected for any reason, you can also switch to the Market order type at any time.
6. Choose the amount of currency
Please pay attention, that min and max order amounts are different for each trading pair. More information concerning limitations to each trading pair can be found in the Trading Conditions section on the Settings page.
Additionally, you are able to choose the currency of the amount for the market order placement.
7. Set the Max Slippage
Customers of Exchange Plus are able to manually set their own acceptable price slippage. To do so, they just need to use the Max slippage setting.
The Max slippage setting can better protect trading orders from unwanted deviation of execution price, in cases of unstable or sharp market fluctuations.
After all necessary settings are set, you will see additional information before placing an order:
Max/Min Allowed Price - Max Allowed Price for the Market BUY orders and Min Allowed Price for the Market SELL orders which indicates the price, taking into account the maximum slippage that you specified.
Total - indicates the amount to be executed as a result of filling the order under the market price.
Fee - indicates approx. amount of fee to be paid after filling the order under the market price.
8. Click place BUY/SELL order
Once all the parameters are set up, you can create a new order by clicking on the Place Buy Order (Place Sell Order).
9. Check order details and confirm order placement
After clicking on the Place order button you’ll see a pop-up window with a brief overview of the order. After checking the order details you should click on CONFIRM button to eventually place such a new order.
Also, there is a countdown at the bottom of the pop-up window showing the time during which you need to confirm the order.
After the time expires, the Confirm button will be replaced by a Refresh button, so you should update to the current best price.
10. Successful pop-up window
In case new order has been placed, you’ll see a successful pop-up window. Just press the GO TO TRADE button to proceed!
In the meantime, in the right top corner, you’ll see an order bubble pop-up that will inform you about the current order status.
Please pay attention, that the current order status and other order details can be found in the Orders details section until the Trade page is reloaded or you switch to another page.