What is Market Order and How to Place Them

In cryptocurrency trading, two primary types of orders exist: market orders and limit orders. A market order involves buying or selling an asset promptly based on prices on the order book. On the other hand, a limit order entails waiting until the price reaches a specified or more favorable level before execution. In this article, let's delve into the functionality of market orders and how to place them on Hata.

What is a market order?

A market order is promptly executed based on buy and sell orders in the order book when initiated by a user.

In other words, the market order function on the Hata Exchange allows users to purchase or sell cryptocurrencies instantly based on prices on the Exchange order book. This function prioritizes speed over price, ensuring that the transaction is executed quickly by matching the buyer's order with existing sell orders in the order book. Market orders are ideal for users who want to enter a position in a rapidly changing market and are less concerned about potential price fluctuations. By using the market order , Hata users can efficiently capitalize on immediate trading opportunities without the need for specifying a price limit.  

The market order function can be used to place both buy and sell orders. Nonetheless, it is essential to be aware that if you place the order after the system calculates the achievable amount, there might be a significant change in asset price, resulting in slightly different received assets compared to the initial calculated amount before the order was placed. In some cases, the order could fail, especially when the buy/sell ratio is close to or at 100%.

Market order example

At the current price of 2,400, if you decide to place a market order, it will be instantly fulfilled with the most favorable available price on the order book. However, please note that the average filled price of your order (A) might not be precisely 2,400; it could be slightly below or above this value.

How to place market buy orders?

On the Hata Exchange, ensure that you have selected [Market]. The price column will automatically be labelled as 'Market' as you will be buying your desired cryptocurrency at market price. In the 'Total' column, enter the amount of fiat that you are willing to pay to buy the cryptocurrency. As an alternative option, you may also adjust the amount of fiat by using the slide bar.

After entering the amount of fiat currency, click [Buy BTC] and you have successfully placed market buy order. To find out the amount of cryptocurrency you have successfully acquired from your buy order, you may view the details under [Order History].

How to place market sell orders?

On the Hata Exchange, ensure that you have selected [Market]. The price column will automatically be labelled as 'Market' as you will be selling your chosen cryptocurrency at market price. In the 'Total' column, enter the amount of cryptocurrency that you want to sell. As an alternative option, you may also adjust the amount of cryptocurrency by using the slide bar.

After entering the amount of cryptocurrency, click [Sell BTC] and you have successfully placed a market sell order. To find out the amount of fiat you have acquired from your sell order, you may view the details under [Order History].

How to view my order history?

If you are using the Hata Website: