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Market order
A market order is an instruction to buy or sell straight away at whatever price is available. It usually fills immediately, but the price it fills at is not fixed in advance.
What it means for you. The SEC notes the last-traded price is not necessarily the price a market order gets, and in fast markets parts of a large order can fill at different prices. In crypto, a big market order on a thin order book can sell well below the price on screen.
Sources: SEC Investor Bulletin: Trading Basics, CFTC: Glossary · checked 4 October 2026
Limit order
A limit order is an instruction to buy or sell only at a price you set, or better. A buy limit fills only at that price or lower; a sell limit only at that price or higher.
What it means for you. A limit order caps the price you pay or accept, but the SEC notes it is not guaranteed to fill: if the market never reaches your price, nothing trades. Check whether an open order expires or stays live, since a forgotten one can fill later.
Source: SEC Investor Bulletin: Trading Basics · checked 4 October 2026