By creating a market order, you immediately buy or sell the specified amount, matching with the limit orders from the order book at the best possible price.
Let’s look at an example. Assume that you would like to buy 8 BTC with a market order:
- The best price for this asset is 6099.73, but there is only 2.70000 BTC for that price.
- Your market order continues matching with the next offer – 4.34000 BTC for 6104.82
- Your market order continues matching with the third offer – 4.05000 for 6116.62, however, it will only take a portion of that volume for that price – 0.96000 BTC to be filled.
Thus, you have got 8 BTC for the best available price at that moment.
It is important to remember, that the market order form on the platform will always show you estimated price. The actual price the order will be filled at can vary, as the prices may be quickly changing in real time.
Additional option for market orders:
- Stop order – this option allows to specify a stop-price. As soon as the stop-price point is reached, the system will execute your market order for the specified amount. Stop orders do not put a reservation on your account.