Trading effectively requires not just skill and intuition but also a detailed analysis of your trading activities. MEXC is specifically designed to cater to the needs of traders who wish to track and analyze their trading performance meticulously.
What is a MEXC Market Order?
A market order allows a user to buy or sell a cryptocurrency at the best available current market price. It is executed almost immediately, making it an ideal choice for traders who prioritize speed over price control. However, it is important to note that if the order size is large, there might be a risk of the order not being completely filled, potentially causing slippage.
Advantages and Drawbacks
The primary advantage of using a market order is its simplicity and quick execution. Traders do not need to set a specific price, which is particularly useful in fast-moving market conditions. On the downside, since the execution price is not set in advance, there is no guarantee on the price at which the order will be executed.
Practical Example of a Market Order
Consider a scenario where the current spot price of BTC rapidly rises above 70,000 USDT. A trader looking to quickly buy BTC can place a market order to buy immediately at the prevailing market price, this will mean that he does not miss out on potential gains. He enters the market at market price.
How to Place Market Orders on MEXC
For example, if you wish to buy any coin on MEXC at market, you can;
On the MEXC Website
- Navigate to the spot trading page on MEXC.
- Select the ‘Market’ order type.
- Enter the total amount you wish to spend or the price in the respective fields.
- Click on [Buy].
On the MEXC App
Similarly, to buy Bitcoin using the MEXC app:
- Go to the spot trading page.
- Choose ‘Market’ as your order type.
- Input the amount or total value you want to trade.
- Tap on [Buy].
Conclusion
Market orders on MEXC offer a quick and straightforward way for traders to get in the cryptocurrency market. While they provide the advantage of immediate execution, traders should be aware of the potential risks associated with the inability to control the exact price of execution. Whether you’re trading on the MEXC website or via the app, placing market orders is a simple process that can be mastered with a little practice.