Understanding Crypto Trading Orders: Market Order vs. Limit Order on Tokocrypto

Hi Tokonauts,

In crypto trading, there are two main types of orders: Market Orders and Limit Orders.

A Market Order is an instruction to buy or sell an asset immediately at the current market price. Conversely, a Limit Order is an instruction to wait until the price reaches a certain point before execution.

Here's how they work and how to place them on Tokocrypto.

What is a Market Order?

A Market Order is executed as quickly as possible at the current market price. When placing a Market Order, you can choose to buy or sell based on [Amount] or [Total].

Market Order Example

For example, if the current price is 2,400 and you place a Market Order, your order will be filled immediately at the best available price. The average price of your order might be slightly above or below 2,400.

How to Place a Market Order on Tokocrypto

Buy Based on Amount

Suppose you have 1,000 USDT and want to buy BTC with a Market Order. If you select "Buy 100%", the system will use all your USDT to buy BTC at the current market price. The amount of BTC you receive will be determined by the market price at the time the order is placed. You can view the transaction details in "Order History".

Buy Based on Total

For example, you have 1,000 USDT and the BTC/USDT price is around 70,000 USDT. If you select "Buy 100%", the system will match your order with the best sell orders in the market. If the BTC price rises when the order is executed, the amount of BTC you buy might be less than expected, and the order could fail. You can try again with an adjusted BTC amount or use the [Total] function.

Sell Based on Amount

Suppose you own 0.40991 BTC and want to sell it completely with a Market Order. The system will determine the amount of USDT you obtain based on the current market price. Transaction details can be seen in "Order History".

Sell Based on Total

For example, you have 0.40966 BTC and the BTC/IDR price is around 1,109,026,612 IDR. If you select "Sell 100%", the system will match your order with the best buy orders in the market. If the BTC price drops when the order is executed, the order might fail. You can try again with an adjusted USDT amount or use [Amount] instead of [Total] for your market order.

What is a Limit Order?

A Limit Order is an instruction you give to enter an order into the order book at a specific price. This order will only be executed if the market price reaches or surpasses the limit price you set.

You can use a Limit Order to buy at a lower price or sell at a higher price than the current market price.

Limit Order Example

Buy Orders:

• If you place a buy order with a limit price (C) below the current price (A), the order will be executed when the price reaches or drops below the limit price (C).
• If you place a buy order with a limit price (B) above or equal to the current price (A), the order will be filled immediately around the current price.

Sell Orders:

• If you place a sell order with a limit price (B) above the current price (A), the order will be executed when the price reaches or rises above the limit price (B).
• If you place a sell order with a limit price (C) below or equal to the current price (A), the order will be filled immediately around the current price.

How to Use a Limit Order on Tokocrypto

Buy:

1. Go to [Trade] - [Spot] and select a trading pair.
2. Select [Buy] - [Limit].
3. Enter your desired buy price.
4. Specify the amount of the asset you want to buy or adjust the percentage of your Wallet balance.
5. Click [Buy BTC] to place the limit purchase order.

Sell:

1. Go to [Trade] - [Spot] and select a trading pair.
2. Select [Sell] - [Limit].
3. Enter your desired sell price.
4. Specify the amount of the asset you want to sell or adjust the percentage of the asset to be sold.
5. Click [Sell BTC] to place the limit sale order.

How to View Order History

Tokocrypto Website:

• Open orders can be found under [Open Orders]. Click the trash icon to cancel an order.
• Filled order history can be found under [Trade History].

Tokocrypto App:

• Go to [Trade] - [Spot], then click the page icon next to the [Fund] tab.
• Open orders can be found in the [Open Orders] tab, while filled orders can be found in [Trade History].

By understanding Market Orders and Limit Orders and how to place them, you can trade crypto on Tokocrypto more wisely.

If you have any questions or need further information, you can contact our Customer Support Team via 24/7 Live Chat. This service is officially available and free of charge.

Thank you for your support!

The Tokocrypto Team

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