Market orders are a commonly used type of order in trading, where a trader requests to buy or sell a specific asset at the best available price on Blocktrade Order Book. However, the execution of a market order can be affected by market volatility and low liquidity, leading to unfavorable prices for the trader. This is where market orders with price protection come into play.

Market orders with price protection are designed to protect traders from filling their market order at a bad price due to market volatility and thin liquidity. When a trader places a market order with price protection, their order is effectively converted to a limit order at a best bid or offer price, with a price protection level added. The price protection level is typically a percentage or a fixed amount, which acts as a buffer against sudden price movements.

For instance, let's say, a trader wants to buy 1 BTC with a market order, and the best offered price on the market is 50,000 EUR. If the market order is not filled in full, the market order will look for a higher available seller on the order book. If there are no sellers on the order book below the protection level, the remaining part of the order will turn into a limit order at that price, protecting the trader against large slippage in the case of low liquidity or fast market movements.

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

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