A market order is used to instantly execute an order to buy or sell an asset at the best current market price in the order book. This type of order is used if you need to make a deal immediately, and not wait for a better price.
The order will be filled with the best price in the order book: if an asset is bought, the Ask price will be used, and if an asset is sold, the Bid price will be used. The best Ask and Bid prices are displayed directly above the Sell and Buy buttons and are updated in real time.
A market order is executed as follows:
1) Choosing a currency pair. The last selected character is used by default. To change a currency pair, you need to click on the symbol above the order book and select the one you want from the drop-down list.
2) Choosing the direction of the transaction: sell / buy.
For example, if the BTC / USD pair is selected, then “Buy” means the purchase of BTC for USD.
3) Choosing volume. You can choose one of the options from the drop-down list, enter the amount manually, or choose which share of the funds available on the trading account to use: 25%, 50%, 75%, or 100%.
4) After determining the volume of the transaction, click on the “Sell” or “Buy” button and confirm the transaction.
To buy an asset at the current best Ask price, use the buy market order.
The current best Ask price is the lowest current price of an asset out of all placed orders to sell an asset of other participants of the crypto platform in the "order book".
If the sell limit order with the best Ask price has enough asset volume to execute your buy market order, then the final price for you will be equal to the same best Ask price from the sell limit order.
If the sell limit order with the best Ask price does not have enough asset volume to execute your buy market order, then your buy market order will be executed at the current best price in the available volume, followed by "additional execution" at the next best Ask price. The final purchase price of the asset for you will be the weighted average of the best Ask prices for limit sell orders.
To sell an asset at the best Bid price, use the sell market order.
The current best Bid price is the highest current price of an asset out of all placed limit orders to buy an asset of other crypto platform participants in the "order book".
If the buy limit order with the best Bid price has a sufficient volume of the asset to execute your sell market order, then the final price for you will be equal to the same best Bid price from the buy limit order.
If a buy limit order with the best Bid price has the requested asset volume less than the asset volume of your sell market order, then your sell market order will be executed at the current best price in the available volume, followed by "additional execution" at the next best Bid price. The final selling price of the asset for you will be the weighted average of the best Bid prices of buy limit orders.
You also have the option to set up slippage control (price deviation). The automatic slippage is set at 10%.