A market order is essentially the most basic form of order type and is simply an instruction to purchase an asset at the best price that is currently available.
• This type can be best explained in the statement “I want this now at the best price”
• This guarantees the order will be executed, but it is not concerned with its price
• This type of order is considered as the simplest one, when you just want to quickly enter or exit a position
• Remember, that the users, who are placing market orders are considered as “takers” because these orders are matched instantly and as a result “take” liquidity from the other book