There are two main types of orders when trading cryptocurrencies: market orders and limit orders.
A market order is an instruction to buy or sell an asset immediately (at the market’s current price), while a limit order is an instruction to wait until the price hits a specific price before being executed. Let’s see how they work and how to place them on Pionex.US.
👉🏻 Limit Order
👉🏻 Market Order
Limit order
Limit orders set the maximum or minimum price at which you are willing to buy and sell.
A limit order is an order you place on the order book with a specific limit price. It will only be executed if the market price reaches your limit price. You may use limit orders to buy an asset at a lower price or sell at a higher price than the current market price.
Keep in mind
Buy limit order: the order will not execute unless the price is lower than the setting. The order will execute with the current price if the current price is lower than the limit order set price.
Sell limit order: the order will not execute unless the price is higher than the setting. The order will execute with the current price if the current price is higher than the limit order set price.
Users could cancel limit orders if the order is not filled yet.
How to place a Limit Order
On the Mobile App
Let's take "BTC/USDT" as an example:
1. Open your Pionex.US app, click [Buy/Sell] --> [Pro] at the top right of the screen.
2. Select [Buy BTC] or [Sell BTC]
3. Click [Limit order] to select Limit Order.
4. Enter the price you want to buy or sell at.
5. Enter the amount of crypto you want to buy or sell.
6. Then click [Buy BTC] or [Sell BTC] to place the limit order.
On the Website
Let's take "BTC/USDT" as an example:
1. Please open the Pionex.US website, open [Trade] --> [Manual].
2. Select [Buy BTC] or [Sell BTC]
3. Click on [Limit] to select Limit Order.
4. Enter the price you want to buy or sell at.
5. Enter the amount of crypto you want to buy or sell.
6. Then click [Buy BTC] or [Sell BTC] to place the limit order.
Market order
A market order is executed at the current market price as quickly as possible when a user places the order.
Keep in mind
Market orders may not execute with the best price, especially under heavy fluctuation.
Slippage occurs when the bid/asks spread changes between the time a market order is requested and the time an exchange or other market-maker executes the order. Slippage might happen while using market orders, especially with poor depth or under heavy fluctuation. If you want to prevent slippage occurs, you could use limit order instead of market order.
Market orders are always taker orders because your order is being executed immediately and you’re taking liquidity out of the market.
How to place a Market Order
On the Mobile App
Let's take "BTC/USDT" as an example:
1. Open your Pionex.US app, click [Buy/Sell]
2. Select [Pro] at the top right of the screen.
3. Select [Buy BTC] or [Sell BTC]
4. Click [Market order] to select Market Order.
5. Enter the amount of USDT you want to use to buy/sell.
6. Then click [Buy BTC] or [Sell BTC] to place the market order.
On the Website
Let's take "BTC/USDT" as an example:
1. Please open the Pionex.US website, open [Trade]
2. Click on [Manual].
3. Select [Buy] or [Sell].
4. Click on [Market] to select Market Order.
5. Enter the amount of USDT you want to use to buy/sell.
6. Then click [Buy BTC] or [Sell BTC] to place the limit order.
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