At BaseFEX, we offer many different order types to help you trade cryptocurrency derivatives. You can check the order types here, and also check the Fees of your orders.
Market orders will be executed immediately with the current market price. You might use this kind of order when you need to execute it urgently. You should pay close attention to your orderbook when choosing your order type, as a large market order might cause huge costs.
Limit order is used to specify the maximum or minimum price you are willing to buy or sell at. You can use this order type to minimize your trading cost, but your order might not be able to be executed when its price is too far from the market price.
Limit Order Example
Quantity = 10 Contracts Limit Price = 100 Direction = Buy
A bid of 10 contracts will be placed in the market with a Limit Price of 100.