A market order fills as quickly as possible at the best available price in the market, without you entering a price. It prioritizes execution speed over price control. Large orders or fast-moving markets can cause the fill price to differ from the price you saw when you placed the order.

What is a market order?

A market order is an order placed without a specified price. Vantage executes it at the best available market price as quickly as possible. In Perpetual Contract trading (contracts with no expiry date), you can use market orders to open or close a position.

Example: Suppose the XAUUSD Perpetual Contract order book shows a best ask of 6,000 USD and a second ask of 6,010 USD. When you submit a buy market order, Vantage fills it starting at the lowest available ask price. If the volume at 6,000 USD is not enough, the remaining quantity fills at the next higher price levels until the order is complete or the available liquidity runs out.

Key features of market orders

1. 1. Fast execution. Market orders generally execute faster than limit orders. They suit opening or closing a position immediately, or completing a trade quickly in a fast market.
2. 2. No price input required. You enter only the quantity or notional amount. The system sets the execution price based on current order book depth.
3. 3. Execution price may vary. The final price depends on the market price at submission, order book depth, order size and market conditions. Large orders can fill across several price levels, so the average execution price may differ from the latest price shown.
4. 4. Potential slippage. Slippage is the difference between the actual execution price and the reference price you saw when placing the order. It is more likely during high volatility, low market depth, or with large orders.
5. 5. Taker fees apply. Market orders always execute as the taker, which means the taker fee rate applies. The taker rate is generally slightly higher than the maker rate.
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Market buy and market sell

Market buy. A market buy does not need a price. The system buys at the best available ask prices.

Example: XAUUSD is at 6,000 USD. A buy market order first executes at the lowest available ask. A larger order may fill at higher ask levels, which raises the average execution price.

Market sell. A market sell does not need a price. The system sells at the best available bid prices.

Example: XAUUSD is at 6,000 USD. A sell market order first executes at the highest available bid. A larger order may fill at lower bid levels, which lowers the average execution price.

Common uses of market orders

6. 1. Quick position entry. Use a market buy to open a long position immediately when you expect the market to keep rising quickly.
7. 2. Quick position exit. If you hold a XAUUSD long position and the market drops suddenly, a sell market order can close the position quickly to reduce risk.
8. 3. Responding to fast markets. Limit orders may not fill in time when the price does not reach your level or the order book changes quickly. A market order improves execution speed, but slippage is possible.
9. 4. Reducing wait time. Choose a market order when speed matters more than precise price control.
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Why did my market order execute at a different price?

The execution price can differ from the latest price shown when you submit. Common reasons include:

• - The latest price reflects the most recent trade, which may not equal the current price you can execute at.
• - Buy market orders execute at ask prices, and sell market orders execute at bid prices.
• - If order book depth is insufficient, the order fills across multiple price levels.
• - In fast markets, the price can change between submission and execution.
• - Larger orders have a greater impact on order book prices.
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Market orders compared with limit orders

• - Market order: no price needed. Filled at the best available price as quickly as possible. The final price may move with market depth and volatility.
• - Limit order: you specify a price. Filled at that price or better, but execution is not guaranteed.
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Choose a market order if speed matters more. Choose a limit order if the exact execution price matters more. For details, see the Limit Order Introduction.

What to note when using market orders

• - Market orders prioritize speed but do not guarantee the price shown when you place the order.
• - In high volatility or low order book depth, slippage can be significant.
• - Large orders may fill at several price levels, so the average price can differ from your expectation.
• - Set order size, leverage and margin mode based on your own risk tolerance.