BictoryEX holds a number of order types, the most popular amongst traders, by far, is the Market and Limit Order.
While both order types can be used for both a buy and sell transaction, the transactions in each case for the different order types are completed by a different trade mechanism or algorithm.
The Limit Order is the most specific, a buy limit order states, “I’ll buy y token at the x price”. This guarantees that the order is filled at x price or lower, or it never does. So this order type guarantees transaction is closed at the specified price or not at all. On the other hand, the market order guarantees that an order is filled regardless of the price i.e. your order may be closed at a price higher or lower, depending on the type of transaction, than the price it was put for due to market spread and slippage.
In a typical market, crypto or other classic commodities, there’s an Ask price which is the price at which a seller is willing to sell the concerned asset, and also, there is the price a buyer is willing to buy that same commodity at called the bid price. There’s always a gap between these two prices, as the buyer almost always bids at a lower price while the seller asks at a higher price. This gap is referred to as the market spread. An order is filled when this spread temporarily closes, i.e. when the Ask price matches the bid price, however, in a volatile and low-liquidity market like crypto, these gaps can be humongous - significantly far apart from the last filled order price.
A buy order opened with the market order type buys the asset at the lowest ask, which in markets of high spread, is considerably higher than the last closed order price. A market sell order does the exact opposite, sells to the highest bid on the buy wall, at a price much lower than the last completed order price. In all, it guarantees that your order is filled almost instantly regardless of the price. On the other hand, a limit order limits the price at which the transaction occurs, to the price specified or better as the case may be for a buy or sell transaction type.
Bictory offers these two order types to suit your needs. Make your choice wisely.