Articles on: Trading

What is a Market Order and how do I use Market order?

This guide will walk you through the simple steps to making your first Market order.

A market order is the quickest way to buy or sell your cryptocurrency and tokens. Once received by the system, a Market order is matched and filled right away, as long as there are buyers and sellers on the Order Book.

Using a Market order to trade, means you accept to trade at the current market price.

Get started with Market orders

Follow these steps to make a Market order:

Log in and navigate to the Order Form in your chosen market.

You will see two options: Limit, Market

Below is a screenshot of the Order Form with the Market order selected on the Centralized Exchange index.

You are required to specify the index quantity you're buying or selling. The cost will be estimated accordingly.

If you have any problems with using Market Order, please contact [email protected]

What's the difference between the bid and ask?

Unsure about what we mean by bid and ask? This helpful article breaks it down simply.

If you're reading this article, you may have questions about how order books work and what we mean by "bid" and "ask". Thankfully this is all pretty simple.

Ask VS Bid

An Ask:

An ask is the price sellers are asking for by selling you the asset in question.

A Bid:

A bid is the price buyers are bidding to buy from you.

Any bids and asks in the order book are waiting to be executed, or filled.

When placing a limit order, you can add your own order to the asks if you're selling, or instead add to t**he bids if you're buying.** Then wait until your order is filled.

When placing a market order, you can buy or sell right away from the available asks or bids without needing to wait.

For example:

Let's say you want to buy some L1CEX with USDC. To do that you are required to select the L1CEX/USDC pairing in the top left of the dashboard.

The default dashboard looks like this:

Check out the order book in the middle to see how much people are buying (bids) and selling (asks) for, enter your order, and confirm.

If you're wondering what the spread is, that's just the difference between the highest bid and the lowest ask.

How do I cancel or edit an order?

Here is everything you need to know to help manage your orders effectively on Trakx.

Need to cancel or edit an order after you have placed it:

How do I cancel an order?

All your live orders can be found in the Open Orders panel of the market dashboard you are trading in.

By default, this is at the bottom of your dashboard.

To cancel an order all you need to do is:

Locate your order in the Open Orders panel.

Click on the “X” to Cancel, and then Confirm when prompted.

Updated on: 31/08/2022

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