> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xo.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Place an order

> Market and limit orders on the XO order book, and what happens to the remainder.

Order-book markets live at `/event/[slug]`. Traders post bids and asks, XO matches compatible orders, and cash or shares committed to resting orders are reserved until they fill or you cancel.

## Market-style buy

<Steps>
  <Step title="Choose Buy, then YES or NO" />

  <Step title="Select Market and enter a USDC budget" />

  <Step title="XO walks the book up to a protection price">
    The order can fill partially. Any unfilled remainder is killed rather than left resting.
  </Step>

  <Step title="Review before confirming">
    Check estimated shares, average price, maximum cost and the fee.
  </Step>

  <Step title="If nothing matches">
    If the ticket says there are no orders to match, use a limit order or wait for liquidity. Resubmitting the same market order will not create liquidity that isn't there.
  </Step>
</Steps>

## Market-style sell

1. Choose **Sell** and the outcome token you hold.
2. Enter the number of shares.
3. XO matches against available bids up to the protection price and kills any remainder.
4. Where a fee applies, it is withheld from proceeds rather than added to the share amount you entered.

## Limit order

1. Choose **Limit**, set a price, enter a share count.
2. If your price crosses available liquidity, the executable portion can fill immediately.
3. Any permitted remainder rests on the book until it fills, expires, or you cancel it.
4. Clicking a price level in the book opens a limit ticket at that price.

There is no edit action on a resting order. To change price or size, cancel and replace.

<Warning>
  Open buy orders reserve cash and open sell orders reserve shares. Reserved amounts are unavailable for a second order — which is the usual reason an available balance looks lower than expected.
</Warning>

## Fees

The trade ticket shows the applicable fee before you confirm. Only the crossing (taker) portion of an order is estimated to pay a fee; a resting maker portion is shown as free. A buy fee is added to your cost; a sell fee is withheld from your proceeds.

Always read the fee shown on the ticket for the order you are about to place. Integrators can find the settlement-side detail in [Fees](/guides/fees).