What is a Market Order and How Do I Place It? – Monochrome

What is A Market Order?

A market order is an instruction to immediately buy or sell an asset at the best price currently available in the market. A market order requires liquidity to execute, which means it is executed based on the previous limit order in the order center (order book).

If the total market price of a single transaction is too large, some parts of the transaction that have not been traded will be cancelled. Meanwhile, market orders will settle orders on the market regardless of cost, so you need to bear some risks. Please place orders carefully and be aware of risks.

How to Place Market Buy Orders

Step 1: Log in to your account at Monochrome.exchange.

Step 2: Click the [Trade] - [Spot Trading] button at the top of the page and select a trading pair. Then click the [Spot] - [Buy] - [Market Price] button.

Step 3: Enter the [Total], which refers to the amount of USDT you use to buy BTC. Or, you can drag the adjustment bar below [Total] to customize the percentage of your spot balance that you want to use for the order.

Step 4: Confirm the [Total] and click [Buy BTC] to place the market buy order.

Step 5: The system will execute your order at the current market price based on the amount of USDT you submitted, but it is not sure how much BTC you can buy. The final BTC trading quantity is determined by the market price and quantity at the time of order placement. When the order is completed, you will be able to check the order details in [Transaction History].

How to Place Market Sell Orders

Step 1: Log in to your account at Monochrome.exchange

Step 2: Click the [Trade] - [Spot Trading] button at the top of the page and select a trading pair. Then click the [Spot] - [Sell] - [Market Price] button.

Step 3: Enter the quantity of BTC you want to sell at [Quantity]. Or, you can drag the adjustment bar below [Quantity] to customize the percentage of your spot balance that you want to use for the order.

Step 4: Confirm the quantity, then click [Sell BTC] to place a market sell order.

Step 5: The amount of USDT that can be obtained by selling BTC will be determined by the current market price. You will be able to view the amount of USDT obtained from the order and the average selling price in [Transaction History].