Frequently Asked Question

What is a Market Order and how to use it?

Last Updated 11 months ago

A Market Order on ChainEX is a convenient way to Buy or Sell a specified amount of a digital currency at the best prices available from available orders on the market. To execute a Market Order, simply enter your desired amount of digital currency to Buy or Sell, and the system will automatically place orders that match against available orders on the order book until your desired amount is reached. The system will determine the best prices to place these orders based on the lowest available selling (ASK) / highest buying (BID) prices in the order book, ensuring that you receive the best possible prices.

We offer the convenience of executing a market order for those seeking immediate trading opportunities. With a market order, you can buy or sell a specified amount of digital currency at the best available prices from the orders currently on the market. This is ideal for those who don't want to wait for an order to match their specified limit price. However, it's important to note that as an order taker, you'll be charged a taker fee.

For Example - If the following Sell Orders are available on the ETH/BTC market:

  • 10 ETH @ 0.0021 BTC
  • 8 ETH @ 0.0022 BTC
  • 4 ETH @ 0.0023 BTC
  • 5 ETH @ 0.0024 BTC

And you wish to buy 20 ETH so you place a market BUY Order for 20 ETH. the following orders and trades will automatically be executed:

  • 10 ETH @ 0.0021 BTC
  • 8 ETH @ 0.0022 BTC
  • 2 ETH @ 0.0023 BTC
When placing a Market Order on ChainEX, the system will execute trades against the lowest available sell orders in the order book for buy orders or against the highest available buy orders for sell orders, until your specified amount is received. To place a Market Order, you only need to specify the amount you wish to buy or sell, and the system will determine the prices and net totals based on available orders in the market. It is important to note that the system will automatically place orders on your behalf until your specified amount has been received, and this means that you will become an order taker and be charged the taker fee. When confirming the Market Order, the estimated price, fee, and net total will be displayed, but these are subject to change based on market conditions during the execution of the Market Order. Please ensure that you enter the correct amount as we cannot refund or cancel any live orders or trades resulting from Market Orders.

For a step-by-step tutorial on how to use the Market Order, click here.

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