The ZenSports Trading Exchange allows you to trade SPORTS tokens with USDT and BTC. You can submit either Market Orders or Limit Orders, depending on what your main goal is when you are trading. Here is an explanation of the difference between the two Order types.
Limit Orders are orders where you want to buy or sell SPORTS tokens at a fixed price, and you don't necessarily care about the order getting filled right away (and it may never get filled).
For example, if you submit a Limit Order to buy 10,000 SPORTS tokens for 0.0004 USDT. Then one of the following two things will happen:
- If there is no sell order in the Order Book at that same 0.0004 price or lower, then your order will get added to the Order Book and won't get filled until there is a matching sell order.
- If there are sell orders in the Order Book at that same 0.0004 price or lower, the amount of sell orders up to the 10,000 tokens that you requested to buy will get executed as a Market Order (see below) and will get filled immediately. Any remaining unfilled portion of your order will be added to the Order Book.
Market Orders are orders where you don't care about the price that you buy or sell SPORTS tokens at, rather, you just want to make sure that your order gets filled immediately at whatever the best price is available in the market (i.e. in the Order Book). Market Orders fill Limit Orders.
For example, if you submit a Market Order to buy 10,000 SPORTS tokens and there are 2 Limit Orders to sell SPORTS in the Order Book:
- Limit Sell for 0.0003 USDT for 5,000 SPORTS
- Limit Sell for 0.0004 USDT for 2,000 SPORTS
Your Market Order will get filled starting with the top of the sell side in the Order Book and will work its way down the Order Book, which means it will fill 5,000 of your 10,000 Market Order at 0.0003 USDT and 2,000 of your 10,000 Market Order at 0.004. Assuming no other sell orders in the Order Book, the remaining 3,000 that's left of your Market Order will get converted into a Limit Order at the last market price. In this case, 0.0004 USDT (i.e. if there is no liquidity on the other side of your Market Order, your order will turn into a Limit Order).