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Here's a breakdown of creating an order with the market rate and limit order options on Juice.
Market Orders:
Definition: A market order is an instruction to buy or sell an asset at the best available price in the market at that moment.
How to use: In the Juice interface, select the currency you want to buy or sell and choose "Market Order." Enter the amount you want to buy or sell.
Pros:
Fast execution: Your order will be executed immediately at the current market price.
Simple to use: Only requires specifying the amount and order type.
Cons:
Price uncertainty: You may not get the exact price you were hoping for, as the market price can fluctuate quickly.
Limit Orders:
Definition: A limit order is an instruction to buy or sell an asset at a specific price or better.
How to use: In the Juice interface, select the currency you want to buy or sell and choose "Limit Order." Enter the desired price and the amount you want to buy or sell.
Pros:
Price control: You can set the precise price you're willing to pay or receive.
Greater certainty: Your order will only be executed when the market price reaches your specified limit, ensuring you get the desired price.
Cons:
Execution uncertainty: Your order may not be executed if the market price never reaches your limit.
Requires more planning: You need to determine the appropriate price for your limit order.
Example:
Suppose you want to buy 10,000 USD with NGN.
Market Order: You simply choose "Market Order" and enter "10,000 USD" in the buy field. The current market rate will be used, and the order will be executed immediately.
Limit Order: You decide you're willing to pay a maximum of NGN420 per USD. Choose "Limit Order," enter "10,000 USD" in the buy field, and set the limit price to NGN420. Your order will only be executed if the market price falls to NGN420 or lower.
Remember, both market and limit orders have their advantages and disadvantages depending on your priorities and risk tolerance. Choose the order type that best suits your needs for each transaction.
I hope this clarifies the ordering process on Juice! If you have any further questions about market rates, limit orders, don't hesitate to ask.