What is a Market Order Type in Cryptocurrency Trading?

Are you looking to purchase or sell crypto quickly? A crypto order may be the perfect solution for you! By placing it, you’re instructing the exchange to buy or sell your crypto at whatever rate is currently listed on the open market. Get access to great value without waiting around – take advantage of this convenient way to trade in an ever-changing digital currency landscape today, using the reliable and safe WhiteBIT exchange. In addition to its profitable tools and low fees, the exchange offers to buy its natural WBT token which opens a lot of additional advantages and discounts for crypto enthusiasts.

If you need to buy or sell crypto right away, then market orders are the perfect choice for you. They will be executed in a matter of seconds and don't require that you wait around for a certain price. This makes them extremely efficient when it comes to time-sensitive transactions.

Let’s take a closer look at what orders exist in this market.

Cryptocurrency Order Types

If you're looking to purchase or sell cryptos, there are a variety of orders available at your disposal. The most popular types:

  • Market crypto order. Utilizing this order is the optimal way to purchase or sell assets while receiving the best price in real time. Such orders are filled almost instantly; however, due to dynamic market conditions, you may not receive the quoted rate when placing a trade.

  • Crypto limit order. Take advantage of these orders to purchase or sell your desired assets at the exact price you desire. For instance, if Bitcoin is currently trading for $28,000, create a limit order and buy it when its value falls to $27,500 or lower. With this strategy, you can rest assured that your transaction will be completed only when the price reaches your predetermined rate. 

  • Stop order. Establishing a stop order is an awesome way to protect your investments. For instance, if you have purchased Bitcoin at $28,000 then you can set up a stop order that will be activated when the rate drops to $27,000, allowing you to sell off your investment for the best rate before further losses occur. 

  • Stop-limit order is comparable to a stop order, with the inclusion of a limit price. Suppose you purchased Bitcoin at $28,000; in that case, you could set a stop-limit order to sell it at $27,000 if and only if the existing value exceeds $26,500. Your purchase will be triggered once the market rate drops below $427,000 but will only execute when there is still an amount above your indicated threshold of $26,500.

  • Trailing stop order. With a trailing stop order, you can establish a sell or buy price for your cryptocurrency that adjusts to the current rate. The trailing stop price follows the changing markets; however, if there's an abrupt decline below what has been set as your limit, this order will be activated and your digital currency sold at the most advantageous available cost. Trailing stop orders are beneficial for safeguarding profits and mitigating risks of loss.

Try all the crypto order types on the WhiteBIT platform.

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