A market order is an order type that executes immediately against the best price available.
Market orders to buy are matched against the best available asks on the order book, whereas market orders to sell are matched against the best available bids. Market orders are filled as long as there is liquidity (buyers and sellers).
How do I place a market order?
- Select the order type Market under the Buy tab. In this example, we are using the cryptocurrency Bitcoin (BTC).
Enter the amount of BTC you would like to purchase. You can use the percentages listed below to help fill the amount. For example, if you select 25%, then this amount will be deduced from your fiat balance to fill in the BTC amount.
Once the BTC amount has been entered, you will be provided an estimate of the price. Click the Place BTC Order button. Your order will process immediately once you click this.
Things to note
- In a volatile market, a market order can receive an execution price slightly different from the price of the asset quoted when the order was entered.
- It is not possible to cancel a market order after placing it, as they execute immediately.
- On Blockchain Exchange, after a market order matches against the book, any remaining size is cancelled. This is to protect larger orders from ripping through the order book.