What Is a Market Order?
A Market Order on Pluang is a PRO Mode Advanced Order that buys or sells crypto immediately at the best price currently available in the market, prioritising speed of execution over an exact price. Unlike a Limit Order, it doesn't wait for a target price — it fills right away against the orders resting in the order book, which is why it is the fastest way to get in or out of a position. The trade-off is price certainty: because crypto prices move continuously, the price you saw when you tapped can differ slightly from the price you actually get, especially when the market is volatile or the order is large. As a taker order (it takes liquidity from the book), a Market Order is charged a taker fee subject to 11% VAT, and a floating spread also applies. On Pluang's spot crypto this all settles in IDR. Use a Market Order when getting the trade done now matters more than locking in a specific price.
- Immediate execution. A Market Order fills straight away at the best available price, matching against the orders resting in the order book. It does not sit and wait like a Limit or Stop-Limit Order — speed is its whole point.
- Price is not guaranteed. Because the market moves in real time, the fill price (and the resulting unit amount) can differ slightly from what was displayed when you placed the order. In a fast or thin market that difference can be larger — this is the essence of slippage.
- It's a taker order. A Market Order takes liquidity from the book, so it incurs a taker fee (subject to 11% VAT). A floating spread also applies. The Instant/Market route carries a 0% opportunity charge, but the spread still applies, so it isn't strictly free.
- When to use it. Reach for a Market Order when execution speed matters more than an exact price — for example, when you want certainty that the trade goes through now rather than risk missing the move by waiting for a target price.
- Worked example. Suppose 1 BTC is trading around a given rupiah price and you place a Market Order to buy. It executes immediately at the best available price, but the exact fill — and how many units you receive — can vary slightly from the figure shown a moment earlier.
- IDR-based spot. This is Pluang's spot crypto, priced and settled in IDR. It is unrelated to Crypto Futures, which uses USDT and leverage.
Related questions:
Q: Will my Market Order execute at the exact price I saw?
Not necessarily. A Market Order fills at the best available price at the moment of execution, and because crypto prices move continuously, that can differ slightly from the price displayed when you tapped. In a fast-moving or thin market the gap can be a little wider. If getting an exact price matters more to you than speed, a Limit Order — which only fills at your chosen price or better — is the better fit.
Q: What is the difference between a Market Order and a Limit Order?
A Market Order executes immediately at the best available price, prioritising speed but not guaranteeing the exact price. A Limit Order only executes at the price you set or better, guaranteeing the price but not that it will fill at all — if the market never reaches your level, it simply won't execute. In short: Market favours certainty of execution, Limit favours certainty of price.
Q: When should I use a Market Order instead of a Limit Order?
Use a Market Order when speed matters more than getting a precise price — for instance, when you want to be sure the trade goes through now and don't want to risk missing the move by waiting. Use a Limit Order when the exact price matters more than immediate execution and you're willing to wait, accepting that it may not fill if the market never reaches your target.
Q: Does a Market Order have a fee?
Yes. A Market Order is a taker order because it takes liquidity from the order book, so it incurs a taker fee, which is subject to 11% VAT. A floating spread also applies, varying with the asset's liquidity and market conditions. The Instant/Market route carries a 0% opportunity charge, but because the spread still applies, a Market Order is not entirely free of cost.
Q: Can I cancel a Market Order after placing it?
In practice a Market Order is designed to execute immediately, so there is usually nothing left to cancel once it goes through. Cancellation applies to orders that sit unexecuted, such as Limit, Stop, and Stop-Limit Orders, which you can modify or cancel from your open orders list as long as they haven't fully executed. If you want the option to cancel while waiting for a price, use one of those order types instead.