A Market Sell is an order type that will be executed at the current market price.
- Log into your Independent Reserve account and navigate to the trade page.
- In the top left corner select BTC and the AUD currency to trade the market pair.
- Click on the SELL (MARKET) tab.
- There are two ways to size your market order: in bitcoin or in AUD.
- To sell a certain amount of bitcoin, select the Sell in BTC volume button and enter the amount of BTC you would like to buy in the volume section.
- To specify an amount of AUD to receive, click the Sell in AUD amount button and enter the AUD amount in the value section
- Click preview sell order and a confirmation window will appear. Check that the details of the order are accurate and proceed to confirm the order.
- After placing your sell market order, you will see a message indicating that your order has been filled.
- You can then scroll down to Order History to view the executed order.
A note on the Order Book
When using market orders to sell, you should first have a look at the order book found on the right-hand side of the trade page for each market.
When using market orders you are a price taker, your market sell would keep selling down the orders on the ‘Buyers’ side of the order book until your whole order is filled.
In this example let’s say you wanted to sell 2 BTC at the market rate.
Using the above Buyers order book, your order would sell the volume at each price until the whole 2 BTC is filled.
|Price (AUD)||Amount Sold (BTC)||Remaining BTC)|