Market Order Example on how to use quote_size and base_size

How exactly do you place a market buy and sell order? For a buy and sell orders, what do I use (base_size/quote_size) for each and what does this mean?

It would be nice if the API docs gave some examples. Normally for a market order anywhere, you would hit “market” and then put in the amount of base currency you want to buy. For some reason it’s not designed to work the way these orders have worked forever. If I understand it right you put in the quote_size alone for market buys…so if you are trading on BTC-USD and you put in 50 for the quote_size, you’re basically saying I want $50 of BTC. Is that correct?

Then when you put in a market sell you have to use the base_size. So I’d put in the quantity of BTC I want to sell here not the USD value? Is this correct? This seems ridiculously inconsistent. Can someone explain this to me like I’m a 5 year old? Are there any other ways to do a market buy/sell that I’m missing?

Mark

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Hi @Gixxer ! Welcome to the forum! For your concerns, we have itemized a response to each of the following:

  • How exactly do you place a market buy and sell order?

    • Through the website, mobile app or via the API
  • For a buy and sell order, what do I use (base_size/quote_size) for each and what does this mean?

    • a currency pair such as BTC-USD has a format of a base:quote currency. When making market buy orders, you would need to fill in the quote_size wherein for this scenario it would be USD. If you would input “50” in the quote_size field, you will be buying $50 worth of BTC. When making sell orders, you would fill the base_size field where you will input the amount of BTC you would sell. If you sell 1 BTC, input “1” in the base_size field.
  • It would be nice if the API docs gave some examples.

    • We would log this as a feedback to include examples on our documentation and communicate this with our internal teams to further improve customer experience. Most new features and improvements to our products come directly from feedback like yours, so it’s very valuable to us. While we can’t offer any specific timeline for adding features, we are constantly working to build products our customers will love. You may bookmark the following webpage and subscribe to email updates at the bottom of this page to stay up to date on the latest from Coinbase Cloud or check the announcements page of our Developer Forum.
  • If I understand it right you put in the quote_size alone for market buys…so if you are trading on BTC-USD and you put in 50 for the quote_size, you’re basically saying I want $50 of BTC. Is that correct?

    • Yes, that is correct as explained earlier in the 2nd bullet.
  • Then when you put in a market sell you have to use the base_size. So I’d put in the quantity of BTC I want to sell here not the USD value? Is this correct?

    • This is also correct.
  • Are there any other ways to do a market buy/sell that I’m missing?

    • As of the moment, you would only be able to place a market order is by website, mobile app or through the API.

We hope we were able to help you with regard to your concern. Please do not hesitate to reply back to this thread if you have any other questions in mind.