A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book. A valid Market Order will be immediately placed on the Order Book as a Taker Order.
Tokenize Xchange does not guarantee that a Market Order will Fill at the price specified. A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.
Market Orders are susceptible to ‘slippage’. When a Market Order is placed, depending on the volume and prices of Orders on the Order Book at the time, the Market Order may Fill at a price less favorable than the most recent trade price.
Tokenize Xchange implements a 10% price protection level for Market Orders placed for Ringgit-to-Cryptocurrency Pairs and Cryptocurrency-to-Ringgit Pairs. Market Orders will Fill at prices up to 10% from the price of the first execution of the Market Order at the time when the Order was placed. If a Market Order Fills past the 10% protection level, the Market Order will partially Fill up to the price of the 10% protection level and the remaining portions of the Order will automatically be cancelled.
[Tokenize Xchange has the discretion to waive the automatic cancellation of the remaining portions of Orders that are not Filled and to keep such Orders on the Order Book until they are completely Filled within the 10% price protection level.]