CoinSpot offers a variety of COIN/AUD Markets. With Australia’s lowest fee of 0.1%!
Our Markets enable CoinSpot customers to sell and buy coins from each other.
You can browse orders available in the Markets Page and set your own order.
What is in this article?
- How Market Orders work
- What coins are available through Market Orders
- How to Buy on the Markets Page?
- How to Sell on the Markets Page?
- How to cancel Open Buy/Sell Market Orders
- What are these Market Order Functions?
- Types of Pegged Orders
- Pegged Order Examples
- Creating a Pegged Order
- What is Percentage Offset
- What is Price Limit
How Market Orders work
A Market Buy Order will execute at the nearest Ask Price (What someone is willing to sell for) and a Market Sell Order will execute at the nearest Bid Price (What someone is willing to buy for).
The prices are set by the individual. If you set a Sell Price and there is a customer willing to Buy at that price, even if under market value, the sale will process immediately and the coins will be sent to the buying customer.
You cannot use the market as a Stop Loss, as there is likely to be a buyer at the price you set. If you create a Sell Order, and need to cancel an open Market Order, please follow the instructions here.
What coins are available through Market Orders
CoinSpot offers users 15 popular coins with Australia’s lowest trading fee of 0.1%. The full list of coins available through the Market Orders Page can be located below. To start trading through the Markets Page, please head on over to the link here.
Figure 1. Market Orders - (Coins Markets Offered)
How to Buy on the Markets Page?
1. Go to the Markets Page.
Figure 2. Market Orders - Buying - (Markets Button)
2. Select the desired trading pair. In this following example, we will be using BTC/AUD.
Figure 3. Market Orders - Buying - (View Coins)
3. To Buy BTC on the Markets Page, enter the Amount(1) to purchase > Enter the Price(2) to purchase your coins at > Then select Buy BTC(3).
*Select ‘BTC’ to switch between BTC or AUD denominated value.
Figure 4. Market Orders - Buying - (Placing Buy Order)
4. A confirmation screen will be displayed. From here, review the transaction details and once you are ready to place your Buy Order, tap on ‘Confirm Buy’.
Figure 5. Market Orders - Buying - (Confirm Buy)
5. Congratulations, you have successfully placed a Market order to purchase BTC! Refresh your web page and you can review this under My Open Orders.
Figure 6. Market Orders - Buying - (Order Created Successfully)
How to Sell on the Markets Page?
1. Go to the Markets Page.
Figure 7. Market Orders - Selling - (Markets Button)
2. Select your desired trading pair. In this following example, we will be using BTC/AUD.
Figure 8. Market Orders - Selling - (View Coins)
3. To Sell BTC on the Markets Page, enter the Amount(1) you want to sell > Enter the Price(2) to sell your coins at > Then select Sell BTC(3).
*Select ‘BTC’ to switch between BTC or AUD denominated value.
Figure 9. Market Orders - Selling - (Placing Sell Order)
4. A confirmation screen will be displayed. From here, review the transaction details and once you are ready to place your order, select ‘Confirm Sell’.
Figure 10. Market Orders - Selling - (Confirm Sell)
5. Congratulations, your Market order to Sell your BTC has been successfully placed. Refresh your web page and you can review this under My Open Orders.
Figure 11. Market Orders - Selling - (Order Created Successfully)
How to cancel Open Buy/Sell Market Orders
To cancel a created Market Order. Please follow the steps below.
1. Navigate to the Markets Page and scroll down until you see My Open Orders.
Figure 12. Market Orders - Cancel Order - (Coin Markets Page)
2. Under My Open Orders, review the transaction that you wish to cancel. Once you are ready to cancel this transaction, select ‘Cancel’. Make sure to refresh your web page to show the change.
Figure 13. Market Orders - Cancel Order - (Cancel Button)
What are these Market Order Functions?
Figure 14. Market Orders - (Market Order Functions)
A. Today’s Open: Is the price of a coin at 10am AEST.
- 24 Hour High: The highest price of a coin within a rolling 24 hour period.
- Last: The most recent price when a Market Order was executed.
- Bid: The highest price an individual will buy a coin for.
- Ask: The lowest price an individual will sell a coin for.
B. Order Book: List of current Buy/Sell Market Orders received from other users on CoinSpot.
C. Depth:
- Bid Depth: The number of purchase orders requested by other users on CoinSpot.
- Ask Depth: The number of selling orders placed by other users on CoinSpot.
D. Buy/Sell Market Orders:
- Function to create a Buy/Sell Market Order or Pegged Market Order.
E. Recently Completed [Coin] / AUD Orders: All coin Market Orders that have been recently filled by other CoinSpot Users.
F. My Open Orders: All open orders you have created.
- Completed Orders: All recent coin orders that were executed by CoinSpot users.
Types of Pegged Orders
Pegged to Market
Pegged to Market order works by allowing a customer to set a percentage above/below Market Price they are willing to pay for a coin.
As the market moves up and down, the percentage remains the same. If an amount of coin becomes available to fulfil at least part of your order, your order will be partially fulfilled at that price. This will continue to operate until the amount of coin you have set has been purchased, or the buy order is cancelled.
Pegged to Best
Pegged to Best works the same way as Pegged to Market, although it is linked to the best buy price, being the highest buy order on the CoinSpot Market.
Pegged to Mid
Pegged to Mid works the same way as Pegged to Market, although it is linked to the midpoint of prices offered for coins on the CoinSpot Market and will go up and down as it fluctuates.
Pegged Order Examples
Negative Percentage Offset Example
If you wanted to purchase 2 BTC at Pegged to Market and the BTC market value was $30,000, you would need to set the Percentage Offset at -1% and Price Limit at $50,000.
If 1 BTC becomes available for $29,700, a purchase would execute. With 1 BTC remaining to purchase.
If the market value then increases to $40,000 and 1 BTC becomes available for $39,600, the market would then purchase your second BTC, completing your buy order.
First BTC
- Percentage Offset (-1%): $30,000 × -0.01 = -$300
- Offset Trigger Price: $30,000 - $300 = $29,700
- Trigger Price Range: $29,700 to $30,000
Second BTC
- Percentage Offset (-1%): $40,000 × -0.01 = -$400
- Offset Trigger Price: $40,000 - $400 = $39,600
- Trigger Price Range: $39,600 to $40,000
Positive Percentage Offset Example
If you wanted to purchase 1 BTC and the BTC market value was $50,000, you set the Percentage Offset at 10% and Price Limit at $60,000.
If 1 BTC becomes available at $55,000, your purchase would execute.
- Percentage Offset (+10%): $50,000 × 0.10 = $5,000
- Offset Trigger Price: $50,000 + $5,000 = $55,000
- Trigger Price Range: $50,000 to $55,000
Sell Example
You want to sell 2 BTC and the current BTC market value was $30,000, you set the Percentage Offset as -5% and Price Limit at $25,000.
If 1 BTC bid order becomes available at $28,800, the sell order will partially fill. With 1 BTC remaining to be sold.
If the Market value then decreases further to $26,500 and 1 BTC becomes available at $25,200, your Market Sell order will be completed.
First BTC
- Percentage Offset (-5%): $30,000 × -0.05 = -$1,500
- Offset Trigger Price: $30,000 - $1,500 = $28,500
- Trigger Price Range: $28,500 to $30,000
Second BTC
- Percentage Offset (-5%): $26,500 × -0.05 = -$1,325
- Offset Trigger Price: $26,500 - $1,325 = $25,175
- Trigger Price Range: $25,175 to $26,500
Price Offset/Limit Exceeded
If you would like to purchase 1 BTC with the BTC market value of $50,000, you would need to set the Percentage Offset at 10% and Price Limit at $52,500.
If 1 BTC becomes available at $53,000, your purchase will not execute. *Since you have set a Price Limit at $52,500 the Trigger Price Range will fall between $50,000 to $52,500.
*Prices outside of the Percentage Offset and Price Limit range will not fill the Market Order.
- Percentage Offset (+10%): $50,000 × 0.10 = $5,000
- Offset Trigger Price: $50,000 + $5,000 = $55,000
- Trigger Price Range: $50,000 to *$52,500
Creating a Pegged Order
1. In the Markets Orders page on the Buy Order section, select ‘Create Pegged Order’.
Figure 15. Market Orders - Pegged Order - (Creating a Pegged Order)
3. Fill out the Pegged Order. Ensure you select and enter the correct Buy or Sell Pegged Order, Pegged Order Type, Percentage Offset and Price Limit. Once you are ready to initiate your Pegged Order, select ‘Place Order’.
When setting Pegged Buy Orders, please ensure the Price Limit is not set too high. When setting Pegged Sell Orders, please ensure the Price Limit is not set too low.
If you need to cancel your Pegged Order, please scroll down till you see My Open Orders or refer to our guide here.
Figure 16. Market Orders - Pegged Order - (Pegged Order Details)
What is Percentage Offset
Set the Percentage Offset below ( - ) or above ( + ) the Pegged Price. The Percentage Offset is essentially a Markup ( + ) or Mark Down ( - ) of a Pegged Price. When setting Percentage Offset, please also take into account the Price Limit being set.
For example, if you had set a -1% Percentage Offset and the Pegged Price was $30,000. As the -1% is a -$300 buffer of the Pegged Price, any Market Orders placed by other CoinSpot users between $29,700 to $30,000 will fill the order.
- Percentage Offset (-1%): $30,000 × -0.01 = -$300
- Offset Trigger Price: $30,000 - $300 = $29,700
- Trigger Price Range: $30,000 to $29,700
For example, if you had set a 10% Percentage Offset and the Pegged Price was $30,000. As the 10% is a +$3,000 buffer of the Pegged Price, any Market Orders available between $30,000 to $33,000 will fill your order.
- Percentage Offset (10%): $30,000 × 0.10 = $3,000
- Offset Trigger Price: $30,000 + $3,000 = $33,000
- Trigger Price Range: $30,000 to $33,000
What is Price Limit
Price Limit is the maximum price your Pegged Order will reach. Setting a limit for a Pegged Order is to help protect from significant losses.
It is recommended that you do not set the Price Limit too high when setting a Pegged Buy Order as your order may fill at a very high price. Inversely, it is recommended that you do not set the Price Limit too low when setting a Pegged Sell Order, as it may execute at a very low price.
For example, you wish to buy 1 BTC and you set a Price Limit at $12,000. Market Orders that exceed $12,000, will not fill your order, as the Price Limit is set at a maximum of $12,000.
Can I create Market Orders on the CoinSpot Mobile App?
Yes, you can certainly create Market Orders on the CoinSpot Mobile App. For instructions on how to create or manage Market Orders, please refer to the articles below:
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.
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