A Market is an order to quickly buy or sell at the current best price. This action is required to fulfill liquidity, meaning that this order fulfills a limit order that was previously placed in the order book.
Unlike limit orders, where orders are placed on the order book, market orders are executed immediately at the current market price, and this means you pay a market taker fee.
How to use?
When the user wants to place a market order to buy 31600 BIDR. After logging into your Tokocrypto account, select the desired BNB market (example: BNB / BIDR) and go to the transaction page. After that, look for the Market Order label, set the amount to 31600 BNB, and click the Buy BNB button.
After that, the user will see a "Success" message and go to history
As a market order is executed in person, a buy market order will immediately fill the lowest sell limit price available in the order book.
But say the user wants to buy 200 BNB at the current market price. The cheapest available limit sell price will not be enough to fulfill all user purchase orders. Therefore, user orders will automatically fulfill further limit sell orders until all user orders are fulfilled. This is known as slippage and this is why you pay higher fees (because you are acting as a market taker).
When should the user use it?
Market orders make it very easy for users if getting an order is more important than a certain price. This means, the user should use it. If the user is willing to pay higher prices and fees caused by the slippage. In other words, market orders should be used if you are in a rush.
Sometimes the user may be in a situation where the user has an exceeded stop-limit order, and the user needs to buy / sell as quickly as possible. If a user needs to get a deal fast or to get himself out of trouble, this is where market orders come in handy.
However, if a new user is entering the crypto world for the first time and the user is using Bitcoin to buy several altcoins, avoid using market orders because the user will pay more than what he should have paid. In this case, the user is advised to use a limit order.
