How to use Market Order?

There are multiple order types available on Tokenize Xchange. In this help article we walk you through how to use market orders.

One of main order types you'll see in the form on Tokenize is Market Order.

What is a Market Order?

A market order is an order that will be executed immediately and in full by buying or selling from the bids and asks in the order book. With a market order, you choose the quantity of the asset you want to buy or sell and then once confirmed, you will buy or sell that quantity from the bids or asks available. This is the simplest type of order as it means you don't need to specify a price. 

Market order is the quickest way to buy or sell your cryptocurrency and tokens. Once received by system, a market order is matched and filled right away, as long as there are buyers and sellers on the Order Book.

Using a market order to trade, means you accept to trade at the current market price.

Here is a step-by-step guide on how to buy your cryptocurrencies using Markert Order on Tokenize Xchange.

Step 1 : Select Trade on your dashboard. Click on the market you wish to sell your cryptocurrency on the tab you see on the right.

For e.g. If you wish to trade SGD-BTC, click on SGD tab and under the tab you will see BTC/SGD.

Step 2 : Scroll down and select " Market"

Your Balance: SGD balance left in your account.

Market : Your order will be filled immediately at the best market price at the time of your order.

Amount : Key in the amount of BTC to buy.

Once Amount is filled correctly, you may click on “Buy BTC” to confirm your Total Bid.

Step 3 : Confirm your order.

You will see a confirmation window. Check all details carefully. Please see the trading commission fee here. Click “Confirm” to proceed or “Cancel” to cancel the transaction.

For example: If you would like to buy 0.1 BTC, you can select Market order, enter your quantity as 0.1 and confirm your order. You will then buy 0.1 BTC from the market.

After confirming the order, you will see a green notification at the top of the page indicating that your order has been successfully placed.

If you want to sell BTC in market order, the process is similar. 

Step 4 : 

Your order will be matched automatically. You may view your order by selecting "Orders" and "Finished Orders" .

Under "Finished Orders", you are able to view your completed orders.