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A market order executes the trade immediately at the best available price in the market. Once the order is sent, it fills instantly against existing orders in the order book.
A limit order lets you set a specific price for the trade. The order will only execute when the market price reaches the price you set, not before.
All order types and their differences at a glance.
Set a specific price. The order waits in the order book until someone is willing to trade at your price. Best for planned entries or exits.
Set a trigger price. When the market reaches that price, a market order is automatically sent. Primarily used to protect profits or limit losses (Stop Loss).