A market order is an order to quickly buy or sell at the best available current price. It needs liquidity to be filled, meaning that it is executed based on the limit orders that were previously placed on the order book.
Unlike limit orders, market orders are executed instantly at the current market price, meaning that you pay the fees as a market taker.
How to Use a Market Order
1. Log in to your Binance.US account.
2. Select the market you want (e.g. BNB/USDT).
3. Navigate to the Trading page.
4. Click the Market tab.
5. Set your amount. In this example, it is 2 BNB.
6. Click Buy BNB.
After that, you will see a confirmation message on the screen, and your market order will be executed.
Since market orders are executed right away, your market buy order will match the cheapest limit sell order available on the order book. In this example, it was 2 BNB for 5.2052 USDT each.
Let’s say you want to buy 500 BNB at the current market price. The cheapest limit sell order available will not be sufficient to fill your entire market buy order, so your order will automatically match the following limit sell orders, working its way up the order book until it is completed. This is called slippage.
Market orders are handy in situations when speed is your priority. Please note that market orders are subject to higher costs due to slippage.