A market order is an order placed to immediately buy or sell at the best available price. It needs liquidity to be filled, meaning that it is executed based on the limit orders already placed on the order book. If you want to buy or sell instantly at the current market price, setting a market order is your best option.
A market order lets you purchase or sell a financial asset instantly at the best price currently available. With this said, market orders take prices from the exisiting limit orders on the order book. This also means you can’t be 100% sure of the price you will get - and slippage can occur when you get a price different from what you expected.
A sample scenario where this order type can be used is as follows:
The price of BTC might be rising rapidly, and you want to buy it as soon as possible - and you're willing to take the market's price so long as you can purchase BTC instantly. In this case, it would be best to make a market order on Coins Pro.
How to place a market buy order on Coins Pro?
- Select MARKET ORDER on the spot trading page.
- Enter the amount you want to buy or sell. Alternatively, you may use the slider (right below the Total or Amount sections) to indicate how much of your PHP balance you want to use up in buying crypto or how much of your crypto balance you want to sell for PHP.
- Click on BUY or SELL
Note: After you place your order, the system will make use of the existing limit orders at the order book and execute various trades at the best prices. For example, when doing a market sell for ~530 USDC (as seen on the screenshot below), the system will select the first three limit buy orders on the order book as they have (1) the highest buying prices and (2) enough volume/USDC amount to cover for how much you want to sell
Additionally, if you wish to see the prices your market trade was executed at, you may head to the Order History section and click on the plus sign to expand the details of your order.