How do I transfer crypto to fiat?

What is a Market Order?

A market order is a type of order to buy or sell an asset (such as cryptocurrency) at the best available price on the market at that moment. This is the simplest type of trading order and is executed almost instantly once the buy or sell button is pressed.

How Does a Market Order Work?

• Buying Cryptocurrency: A market buy order is executed at the best asking price, which is the lowest price at which someone else is willing to sell the cryptocurrency at that moment.
• Selling Cryptocurrency: A market sell order is executed at the best bid price, which is the highest price at which someone else is willing to buy the cryptocurrency.

Advantages and Risks of a Market Order

Advantages:

• Speed: Market orders guarantee a quick purchase or sale, making them ideal for taking advantage of potential profitable price movements or avoiding losses.
• Simplicity: They are easy to execute and ensure that your trade is filled as quickly as possible.

Risks:

• No Price Guarantee: There is no guarantee that you will get the exact price you were hoping for, especially in fast-moving markets or for cryptocurrencies with low trading volumes.
• Price Changes: For larger orders, or in cases of low liquidity, the price at which your order is filled can differ significantly from the desired price.
• Immediate Execution: Once placed, a market order cannot be canceled as it is executed immediately. Additionally, it is possible for a market order to be filled at different prices.

When to Use Market Orders

Market orders are best used for highly liquid cryptocurrencies with high trading volumes and for relatively small amounts. In such cases, there is a better chance that you will get a price close to your expectation. For less liquid cryptocurrencies, it might take longer for the order to be filled, and the price could vary more from your desired price.

Step-by-Step Guide to Placing a Market Order on CoinMart

1. Log in to your CoinMart account.
2. Access your Wallet: On the homepage, tap on [Wallet].
3. View Your Portfolio: You will see a [My Wallet] overview with a chart showing your current balance and a [Portfolio] section indicating how much cryptocurrency you own.
4. Select Cryptocurrency: Tap on the cryptocurrency you want to sell. You will see an overview of the current price, a chart, and the amount of this currency you own.
5. Initiate a Sell Order: Tap [Sell] and enter the amount of euros you want to sell. You can quickly select to sell 25%, 50%, or 100% of your crypto balance.
6. Review and Confirm: Select [Continue] to proceed to the Sell Order screen. You will have 10 seconds to review the price, fees, and total amount.
7. Complete the Sale: Tap [Continue] to finalize your sale. Once completed, your euro balance will be visible in [My Wallet].

Note: When buying or selling digital currencies with a large spread, using market orders is not recommended due to the potential for significant price changes.

By following these steps, you can efficiently manage your cryptocurrency trades using market orders on CoinMart, ensuring a balance between speed and price accuracy.