Traders who wish to start cryptocurrency trading can look forward in utilizing this feature. Market Order provides the opportunity to instantly buy or sell assets, with the deal being finalized over the best market price available for the asset on the exchange. Market orders are preferred in situations where the speed of executing an order is important than the intensity of the profit.
The market orders function over the order book, which is created with the placed limit orders, where it prosecutes the deal for the lowest price available in the order list. This makes you a market taker who is charged a specified fee from the exchange.
Placing Market Order at Torex
Torex allows you to place orders in supported exchanges whose API keys were added by you in the Torex Dashboard section (for additional info you can read the tutorial How to Link API Keys to Torex). You can place orders in the Torex Trade section. There should be a necessary account balance present in the added exchange. For successfully executing a Market Order, you can follow the step-by-step guide, as stated below:
From the list of exchanges available in the drop-down menu of “Exchanges,” you can select an exchange, which you wish to be used for the transaction.
In the option for selecting a “Base Coin,” you can select the coin that you may seek to trade with your assets.
The desired coin pair is to be selected from the “Pair” option.
It is important to select a deal type from the switcher present on the right side of the screen. You can either select Buy or Sell according to your requirements.
The second coin i.e., your asset, needs to have a specified deal volume, which can be either entered or selected with the help of a slider.
The switcher of “Set Buy Price” needs to keep off. It specifies that the deal occurring is with market prices.
Tap on the “Create Order” button to send the order for execution.
Market orders are quick in execution. As soon as a market order is completed, it can be observed in the “Dashboard,” “Torex Trade,” “Statistics”, and “Orders” sections .