What is a Market order?

As well as a limit order, market order is one of the most basic types of trade orders. The primary advantage to use a market order is that you’re guaranteed to get the trade filled: If you absolutely need to get in or out of a trade, a market order is your best bet. The downside, however, is that market orders don’t guarantee price or allow for any precision in order entry, which can lead to costly slippage. You can limit losses from slippage by using market orders only on instruments that trade with good liquidity.