Market order

A market order is the simplest order on an exchangeGlossaryExchange (crypto exchange)A trading platform where buyers and sellers trade bitcoin with each other via an order book. The price results from supply and demand; fees usually follow the maker-taker model.On the learning path: Stage 4 · Step 1 – Ways to get Bitcoin →In the glossary →×: ‘Buy 0.01 BTC now.’ To fill it, the exchange takes the cheapest sell offers from the order bookGlossaryOrder bookA list of all open buy and sell orders for a trading pair such as BTC/USD, sorted by price. The price forms between the highest bid and the lowest ask.On the learning path: Stage 4 · Step 1 – Ways to get Bitcoin →In the glossary →× until your quantity is reached. You don’t set a maximum price. In securities trading, this is also called an ‘at best’ order.

The price isn’t the last price

The best available price in the order book can differ from the last traded price on the chart.^[1] If the cheapest offer isn’t enough for your quantity, you buy the rest at the next higher price.

Example (example prices): the order book holds 0.05 BTC at $80,000 and 0.05 BTC at $80,020. If you buy 0.10 BTC, you pay an average of $80,010 per bitcoin – $10 more than the best offer. This difference is called slippage. For typical amounts, it is usually small; for large orders or in hectic markets, it can become noticeable.

Costs

With a market order, you are a taker and pay the higher fee: on Kraken ProProvider · ExchangeKrakenLarge crypto exchange with an EU licence from Ireland: simple in-app buying or an order book, withdrawals via Lightning too.Licence: MiCA (Central Bank of Ireland) · reviewed Sept 2026Costs: App 1% plus spread; Kraken Pro 0.40% maker / 0.80% taker (as of Sept 2026)On the learning path: Stage 4 · Step 2 – Choosing a provider →Our profile →AdVisit Kraken* (paid link, opens in a new window)on kraken.com*Paid link: if you sign up or buy through it, we earn a commission. Your price stays the same. How we make money →18+ · Crypto assets are highly volatile; you could lose all your money. No deposit protection.×, 0.80% instead of 0.40% in the entry tier (as of September 2026).^[2] The ‘instant buy’ in many apps, by contrast, is often not an order in the order book: the provider quotes you a fixed price, and the costs sit in the spreadGlossarySpread (bid-ask spread)The difference between the buy and sell price. With many apps, the spread is the real fee – it just doesn’t appear as a separate item on your statement.On the learning path: Stage 4 · Step 2 – Choosing a provider →In the glossary →× and sometimes in an extra fee.

A market order suits you if immediate execution matters more than a few dollars’ difference. If you want to set the price, use a limit orderGlossaryLimit orderA buy or sell order with a price limit: it is only executed at your price or better. That secures the price, but not the execution – the market may never get there.On the learning path: Stage 4 · Step 3 – Buying Bitcoin →In the glossary →×.