A Market Buy is an order type that will be executed at the current market price.

  1. Log into your Independent Reserve account and navigate to the trade page.
  2. In the top left corner select BTC and the AUD currency to trade the market pair.
  3. Click on the BUY (MARKET) tab.
  4. There are two ways to size your market order: in bitcoin or in AUD.
  • To buy a certain amount of bitcoin, select the Buy in BTC volume button and enter the amount of BTC you would like to buy in the volume section.

Market-buy

OR

  • To specify an amount of AUD to spend, click the Buy in AUD amount button and enter the AUD amount in the value section.

Buy-in-AUD

  1. Click preview buy order and a confirmation window will appear. Check that the details of the order are accurate and proceed to confirm the order.
  2. After placing your buy market order, you will see a message indicating that your order has been filled.
  3. You can then scroll down to Order History to view the executed order.

 

A note on the Order Book

 

When using market orders to buy, you should first have a look at the order book found on the right hand side of the trade page for each market.

Orderbook

When using market orders you are a price taker, your market buy would keep buying up the orders on the ‘Sellers’ side of the order book until your whole order is filled.

price-volume

In this example let’s say you wanted to buy 2 BTC at the market price.

Using the above Sellers order book, your order would buy the volume at each price until the whole 2 BTC is filled.

Price (AUD) Amount Bought (BTC) Remaining (BTC)
74,060.56 0.40177474 1.59822526
74,060.57 0.1971 1.40112526
74,097.05 0.1971 1.20402526
74,110 1.20402526 0