English
RussianLimit Order vs Market Order: What Is the Difference?
A market order fills immediately at the best available price; a limit order fills only at your price or better.
A market order eats into the order book: it is fast, but the fill price can be worse than expected, especially for size. That gap is called slippage.
A limit order sits in the book and waits. It may never fill if price does not reach it, but you know the price exactly. Many exchanges charge lower fees on limit orders.
Large limit orders form walls in the order book, which stand out clearly on a heatmap.
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Frequently asked questions
Which order should I use?
Market when speed matters, limit when price matters.
What is slippage?
The gap between the expected price and the fill price of a market order. The thinner the book and the larger the trade, the bigger it gets.