Cryptocurrency

May 13, 2020

Updated:

October 24, 2024

Binance – What Is a Market Order?

A market order is a specific order to buy quickly or sell this thing at the best current market price! This is done on the basis of previously set order limits, but it needs this certain liquidity to be filled!

5e52fd13258ffe72358da9f3 1 5 1024x516 1

A market order is a specific order to buy quickly or sell this thing at the best current market price! This is done on the basis of previously set order limits, but it needs this certain liquidity to be filled!

Frontier orders where orders are placed in this order book are market orders executed at the current market price. That’s when you pay your commissions as a market maker!

How you use it?

For example, if you want to create a market order where you plan to buy two Binance coins. Go to the Binance page and log in with your account and go to the BNB market you want, for example (BNB / USDT) and then go to the trading page. You’ll need to deposit on binance first.

Find the Market order tab and set it to 2 BNB – press the Buy BNB button.

5e52fd13258ffe72358da9f3 1 5 1024x516 1
5e52fd1333d36839283c0f95 2 5 1024x451 1

After all this, you will see a confirmation message on the screen and that market order will be executed.

5e52fd13eba2597fad3fa639 3 5

When market orders are executed automatically, usually right away, your market purchase order matches, making it cheaper to place a sales order in your order book. In our example, it’s 2 BNB – 5,2052 USDT each!

5e52fd1316879ca06fc83c86 4 5

If you say you want to buy around 500 BNB at current market price. Then it is the cheapest available limit order for sale, which may not be enough to fill the entire market purchase order, so Binance will automatically match your next limit order, and this will continue its order book until it is complete.

This particular thing is called slip and for that reason you will pay higher prices for the charges. Because you are a market maker!

5e52fd1433d36813223c0fa4 5 4

When should you use it?

Market orders are really convenient in situations where getting orders is more important than getting or reaching a certain price. Meaning that you should only use market regulations if you are willing to pay the higher prices and fees that may result from slipping. In other words, orders in this market should only be used in a hurry and wisely!

You will probably end up with a situation where you have or had a stop – limit order that has been bypassed and you need to buy or sell this as soon as possible! If you have to start trading right away or get out of trouble, then these market orders are really useful!

If you are new to cryptocurrency and are using Bitcoin to buy altcoins, for example, you need to be careful not to use market orders because you will pay much more than you should. In these cases, you should or should use limit orders!

AltSignals Team

Proficient authors guiding you with transparency, integrity and education through the finance international markets

The AltSignals writing team consists of experts dedicated to the world of finance and technology, with a particular focus on cryptocurrencies and forex. Our writers bring a broad range of knowledge and experience, cultivated through years of arduous and direct involvement in financial markets, as well as intense technological collaboration.

Editorial approach

At AltSignals, we believe that transparency and education are the key to empowering our readers. Therefore, our content is meticulously researched to ensure its accuracy and thoroughness. Each of our articles is created with the aim of providing educational insights and in-depth analysis, helping both beginners and experienced traders.

Commitment to quality

Integrity is certainly the foundation of our editorial process. The team follows rigorous journalistic standards with careful review, all to ensure that each publication is meticulously researched and exceeds our readers’ expectations.

Our mission is to provide analysis that informs as well as guides users and enthusiasts through the complexities of the cryptocurrency and forex markets. In line with our motto of “quality over quantity”, we guarantee that only the highest quality trading signals are published.

In addition to our commitment, which extends beyond the simple transmission of useful information, our in-depth analysis focuses on profitability and effectiveness squarely, avoiding the common industry habit of prioritizing profit over accuracy. Our traders are strategic experts who offer personalized help to those seeking worthwhile portfolio management tactics.

Diverse knowledge

Our authors are proficient in a variety of topics across the financial spectrum, from emerging trends in blockchain to the nuances of forex trading. This diverse range of knowledge allows the team to cover several topics, ensuring our content is always comprehensive and deeply specialized.

Interactivity and support

We understand that the world of trading can be complex for many. Therefore, alongside producing informative articles, our team is also committed to interacting with the community. Through comment sections, forums and direct support, we encourage our readers to seek clarification and sharpen their understanding, promoting an environment of continuous learning.

Future vision

Looking to the future, the AltSignals writing team is imbued with a vision that transcends regular publishing, and continues to dedicate itself to discovering and reporting on the latest innovations and trends available in the market. We are constantly seeking to improve our skills and expand our knowledge, with the ultimate goal of being a reliable and respected source in digital financial journalism.

There is great commitment to discovering and reporting not only the latest news and trends in the market, but also to equipping our readers with the tools they need to navigate volatile markets with confidence. We firmly believe that, with the support of an appropriate platform coupled with accurate guidance, our readers and traders can turn market volatility into a competitive advantage.

Join us

Follow AltSignals to stay up to date with the latest developments in the world of finance and technology, and explore how our insights can help improve your trading strategies. The AltSignals team is here to guide you through the exciting, dynamic and challenging world of financial markets.

Latest posts by AltSignals Team

Latest posts from the category Cryptocurrency