What is Limit Order ?
Limit Order is an option for a buy/sell trade which enables users to set his/her price per coin. This also allows users to enter the amount of coin/fiat from the account balance or the amount of coin/fiat users wish to acquire. After submission, the transaction/request will queue in the order book until it matches with another transaction which has the same price per coin.
For example, if an individual submits a buy/bid order on Ether using limit order and sets his/her price per coin at 30,000 baht and an amount of 60,000 baht from his balance, he/she is going to acquire 2 Ether (does not include trading fees). The buy/bid order will queue in the order book until another user submits a sell/ask order with the same price per coin at 30,000 baht. The transaction continues to trade until the amount input burns out.
What is Market Order ?
Market Order is an option for a buy/sell trade which enables users to auto-choose the best available price rate from the order book while users only have to enter their spending amount of coin/fiat from the user's balance. After submission, the transaction/request will automatically choose the best resting available buy/sell rate from the order book. This process is an instant trade unless there is no resting order from the order book.
For example, if an individual submits a buy/bid order on Ethereum using market order and sets a spending amount of 60,000 baht from his balance, the system will automatically choose the best available rate from sell/ask order book and the instant trade will occur unless there is no sell/ask order from the order book.
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