At ChainEX, we value innovation, and we strive to keep adding exciting new features to our exchange offering. In addition to the standard limit order type, where the price is specified as a limit, we have now also added market orders. This will provide our users with more control over the orders they place.
One advantage of a market order is that it provides you with the ability to trade immediately. Hence, you don’t have to wait for an order in the order book to match your specified limit price, which is the case with limit orders. A market order allows you to buy or sell a specified amount of currency at the best available current market price (you will trade against the orders in the Order Book created by other willing buyers and sellers).
On ChainEX, the process of executing a market order is as simple as entering the desired amount of digital currency you would like to buy or sell. After that, our system will automatically place the orders which will match against the available orders on a market’s order book until you reach your estimated amount. In other words, the price at which the orders will be placed will be based on what is available in the order book, i.e. it will match against the lowest available selling (ASK) or highest buying (BID) prices to ensure you receive or pay the best possible prices. This means you will become an order taker and be charged the taker fee.
It is also important to note that a market order does not guarantee price — it only guarantees a fill. The market order may fill at a higher (buy) or lower (sell) price. The BID or ASK price shown at the time of placing the order is only an estimated price. Thus, parts of the same original order may execute at different prices.
We believe that adding market orders to our platform will prove useful to traders who need to trade in a hurry, or those who are satisfied with the market price. New order types will be implemented in the next few months, ensuring that all our users have the best possible experience.
Tomorrow’s Trading Today!
For more information, visit https://chainex.io/