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Market and limit orders on Kraken Classic
If you are looking for information on market and limit orders on Kraken Pro, you can find out how here!
Market and limit orders are two critical trading terms to be aware of before you begin trading. How you decide whether to use a limit order or a market order will depend entirely on what you are trying to achieve.
Image: Simple order form showing the Market/Limit toggle button.
What is a limit order?
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What is a market order?
A market order is designed to be
executed immediately
. It is meant to buy or sell at the best available price in the
order book
(which you can view before placing an order). Note that this is different from the
last traded price
. A common mistake is to think the last traded price is what you will get when placing a market order. The order book can change significantly since the last traded price, especially in less popular trading pairs. An order book is comprised of all traders'
limit orders
(see image below) for that trading pair.
Image: An example showing the order book.
The drawback of a market order is that you’re not guaranteed the exact price you’re trying to buy or sell at. It all depends on what is available in the order book when your order is being executed.
If your market orders are getting cancelled, check the order details. The order may be cancelled due to our Market Price Protection feature.
Example: Using limit order to wait for better price
If the lowest current ask for BTC/USD is $96, but you think you can get your buy order filled at a lower price, you might put in a limit buy order at $94.
Image: Creating a limit buy order with a price of 94.00 USD on the BTC/USD market.
Example: Using limit order to enter a short position
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"Post limit order" checkbox
If you'd like to ensure that your limit order does not execute immediately at market due to swings in the price of an asset, you can utilize the "Post limit order" checkbox, found on the advanced order form:
Image: The Post limit order checkbox
Note: the Post limit order option is not currently available for Take profit limit and Stop loss limit order types.