In crypto trading, a Market Order, as opposed to a Limit order, is an order that lets a trader buy or sell a cryptocurrency immediately.
Sometimes market orders are marketed as instant orders.
When a market order is placed, a trader doesn’t have to wait for the asset he’s buying or selling to reach a certain price.
Market orders don’t guarantee the exact price that you see on the screen, but market orders are the fastest way to buy or sell.
Market orders are super simple and the most basic of all order types.
Market orders will go to the order book and look at the limit orders already placed.
Remember, there are always two sides to a trade – the maker and the taker.
Your market order will be matched to an existing limit order, and you will “take” the price set/made by another trader.
How fast your order gets filled depends on the liquidity of the exchange and the asset that you’re trading.