Order Types: Market vs. Limit

Market orders: speed over price

A Market Order executes immediately at the best currently available price. You're guaranteed an instant fill, but not a guaranteed exact price — in fast-moving or illiquid conditions, you might get "slipped" to a slightly worse price than what you saw when clicking.

Limit orders: price over speed

A Limit Order only executes at your specified price or better — it won't fill at a worse price, but it might not fill at all if the market never reaches your level. A Buy Limit sits below the current price (buy cheaper); a Sell Limit sits above the current price (sell higher).

• •Market Order: fills NOW, at whatever the current price is — speed guaranteed, price not guaranteed.
• •Limit Order: fills only at YOUR price or better — price guaranteed, fill not guaranteed.
• •Stop Order: becomes a market order once price reaches a trigger level — often used for breakout entries or stop-losses.
• •Stop-Limit Order: becomes a limit order (not market) once the trigger level is hit — combines both behaviors.