What is market order?

What Is Market Order?

A market order is an instruction to buy or sell immediately at the best available price. It fills right away (usually in seconds) by matching with existing orders in the book. You do not set a price; you accept the current market. The downside is slippage: in fast or thin markets, the actual fill price can be worse than the last traded price. Market orders are "taker" orders and often have a slightly higher fee than limit orders. Use them when speed matters more than squeezing the last bit of price.