A market order is a type of trading order that allows us to buy or sell a cryptocurrency quickly, at the price that is established in the market where we are trading.
To place this order, exchanges create a price and liquidity average that allows them to dynamically establish a market price of an asset, which allows the user to sell or buy such assets with virtually no waiting time.
Our Atani trading software offers support for market order on all exchanges supported by the application. This way, you will be able to buy or sell cryptocurrencies very quickly, whenever you need to.
When to use a market order?
The ideal time to use a market order is when you have an immediate need to buy or sell an asset. This is especially useful, for example, when you are inside a market and the price fluctuation of an asset has exceeded a stop limit order that you have previously created (it has not been filled or has been filled incompletely).
It is at this point, when you don’t mind paying a higher slippage price, that you need a market order. The idea then becomes clear: a market order is a quick order. An order designed to avoid losses due to adverse situations during a trading session.
However, you must keep in mind one thing, if the market is illiquid, a market order can lead to big losses. Especially if you mobilize big amounts of money in such an order. This is due to the spread that may exist between the bid and ask, which leads to the order being filled at prices that may be much lower or higher than you actually expected.
How to use this order in Atani?
To use a market order in Atani, all you need to do is to have connected to one of the exchanges supported by the platform. Since the market order is a basic trading order, all exchanges offer support for it.
So, when you open the Atani application, the first thing to do is to select the exchange you are going to use for trading. In this example we have chosen Coinbase Pro, but you can choose any of the exchanges you are connected to. Also, remember that you must have a positive balance within the exchange to trade and that the trading form is on the right side of the Atani application.
Selecting a pair for trading
Secondly, you must choose the pair in which you want to trade. In our case, we will choose the MATIC/USD pair. This is because we already have USD or MATIC balance to perform this action. To choose the pair, you will need to select the MATIC currency using the panel located on the left side of the application.
With that, the MATIC/USD pair chart will be displayed on your screen. Once this step is done, you will be able to see in the buy and sell module, the enablement of this pair. At this point, within this module you must choose the “Market” tab, which enables market orders within Atani.
The next thing to do is to specify the amount of USD you will use to buy or sell. You will see that the purchase price fluctuates and changes constantly, this is normal. Remember, the market price of a cryptocurrency is highly volatile. Here you only need to specify the amount of USDT you will use and finally, click on the “Buy” button.
After clicking, Atani will send the purchase order to Coinbase Pro through the API. The the purchase will be made immediately. The purchase will be effective in two areas:
First, you will be able to see in the Balance module, how the cryptocurrency you have purchased appears. You will also be able to appreciate the amount purchased. And, secondly, you will be able to see the purchase in the history data that appears in the “Portfolio” tab.
In the case you want to make a sell the procedure is exactly the same. Only that in the trading form you must select the “Sell” tab and specify the amount you want to sell.
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