How do I place orders on Upbit? Setting limit and market orders

Understanding Order Types on Upbit

1. Upbit supports two primary order types: limit orders and market orders, each serving different trading strategies and risk tolerances.

2. A limit order allows traders to set a specific price at which they are willing to buy or sell a cryptocurrency.
3. This type of order gives full control over the execution price but does not guarantee that the trade will be filled if the market doesn’t reach the specified price.
4. In contrast, a market order executes immediately at the best available current market price.
5. Market orders ensure execution speed but may result in slight price deviations during periods of high volatility.

Placing a Limit Order on Upbit

1. Log into your Upbit account and navigate to the trading interface for the desired cryptocurrency pair, such as BTC/KRW.

2. Select the “Limit” option located near the order entry panel, usually displayed alongside 'Market' and sometimes 'Stop-Limit.'
3. Enter the amount of cryptocurrency you wish to buy or sell, along with the exact price per unit you're targeting.
4. The platform will display the total cost or proceeds based on your inputs before confirmation.
5. After reviewing the details, click “Buy” or “Sell” to submit your limit order to the order book, where it will wait for a matching counterparty.

Executing a Market Order on Upbit

1. From the same trading interface, switch the order type from “Limit” to “Market.”

2. Input the quantity of digital asset you want to purchase or dispose of immediately.
3. For buying, some versions of Upbit allow entering a fiat value instead of coin amount, which automatically calculates the received tokens at prevailing rates.
4. Market orders bypass price specifications and execute against existing limit orders in the order book, starting from the most favorable price.
5. Once confirmed, the transaction completes almost instantly, and the acquired assets appear in your wallet or are deducted accordingly.

Fees and Order Confirmation

1. Upbit charges a taker fee when your market order removes liquidity from the order book, typically around 0.05%.

2. Limit orders that add liquidity may qualify for lower fees or rebates depending on the trading volume tier.
3. After placing any order, users can monitor open orders in the designated section below the chart, where active limit orders can also be canceled.
4. Executed trades are recorded under the “Order History” or “Trade History” tab, showing timestamps, prices, and fees.
5. It’s essential to double-check all inputs—especially direction (buy/sell), amount, and order type—to avoid unintended transactions.

Common Questions

How do I know if my limit order has been filled?Check the “Open Orders” section; if the order no longer appears there and instead shows up in “Trade History,” it has been executed successfully.

Can I cancel a market order after submission?No. Market orders execute instantly upon placement, so cancellation is not possible once submitted.

Why did my market order fill at a different price than expected?During rapid price movements or low liquidity, market orders may fill across multiple price levels, leading to an average execution price slightly different from the last traded price.

Is there a minimum order size on Upbit?Yes. Upbit enforces minimum trade amounts, often equivalent to approximately 1,000 KRW for KRW pairs, preventing micro-sized or spammy orders.