Market order with price protection protects traders from filling their market order at a bad price due to market volatility and thin liquidity. When placing a market order your order will be effectively converted to a limit order at a best bid or offer price +- the protection rate. If volatility of the market exceeds the protection level then the trade won't be executed in full and it will turn to limit order.


For example, you want to buy 1 BTC with market order where the best offered price on the market is for example 50,000 EUR. This means that your market order will try to buy from the seller at that price, and if the order is not filled in full (if there is only 0.5BTC available at that price for example), the market order will look on the orderbook for a higher available seller. If there are no sellers (limit sell orders) on the orderbook below the 50,500 EUR (best offer price + 1% protection), then the rest of your order will turn into a limit order at that price, which will protect you against large slippage in the case of low liquidity or fast market movements.


In the Order section on the Blocktrade platform, you will see the full price you have placed your market order including the price protection level. Trades section displays the price at which the order was executed.


So, to summarize, market order with protection guarantees the trade is executed using the best available price within the protection levels. 

Please see the table below for the Protection Level of each pair.


 

Trading Pair
Protection Levels (% deviation from the current best bid/ask price)
BTC/EUR
1
ETH/EUR
1
ETH/BTC
2
XRP/EUR
1
XRP/BTC
2
XRP/ETH
2
LTC/EUR
1
LTC/BTC
2
LTC/ETH
2
BCH/EUR
1
BCH/BTC
2
XLM/EUR
1
XLM/BTC
2
XLM/ETH
2
BTT/ETH
2
BAT/ETH
2
ECS/EUR
1
ECS/USDC
1
BTC/ECS
1