Market order

What is market order

A market order in cryptocurrency refers to an order to buy or sell a digital asset immediately at the best available price in the market. When you place a market order, you are willing to accept the current market price, ensuring that the transaction is executed quickly.

How market order works:

Buy Market Order: When you place a market order to buy a cryptocurrency, you are agreeing to purchase it at the lowest available ask price in the order book. Your order will be filled instantly, but the price may vary slightly due to fluctuations in the market.
Sell Market Order: When you place a market order to sell a cryptocurrency, you agree to sell it at the highest available bid price. The transaction will be executed immediately, but, again, the price might shift depending on the market.

Key Characteristics of Market Orders:

Instant Execution: Market orders are filled immediately, making them ideal for traders who want to enter or exit positions quickly.
No Control Over Price: Unlike limit orders, where you can set a specific price, market orders prioritize speed over price, meaning you don’t control the exact price at which the transaction occurs.

Example:

Buying Bitcoin: If the current ask price for Bitcoin is $30,000, and you place a buy market order, you will likely pay around $30,000 (depending on available liquidity). The order will be executed almost immediately at that price or close to it.
Selling Bitcoin: If the highest bid price is $30,000, and you place a sell market order, your Bitcoin will be sold immediately at that price or close to it.

💡Note: Market orders are typically used when speed is more important than getting the exact price, such as during highly volatile conditions or when you want to enter or exit the market quickly. To learn about how limit orders work, please see our article: Limit order.

How to make a market order in CoinByte

App

Select Exchang in the bottom tool bar.
Select the trading pairs, select Buy or Sell, then select Market.

Enter the amount of fiat you want to spend, the estimated amount of Crypto you can get is shown; or

Adjust the slider to set your position size for this trade.

Select Buy BTC (Take BTC as example), then confirm the trading information to finish the deal.

Please note: the order may be executed at an unexpected price depending on market conditions. When placing the order, it will be executed at the price of maximum trading quantity and amount. Because of the limited number of digits in the price, the filled amount may be less than the specified amount.