Market order
Market order: A market order is an order to buy or sell straight away at the best available price. Buy orders fill at the ask and sell orders at the bid.
How a market order is executed
A market order prioritises getting into (or out of) the market over the exact price. In fast markets the fill can differ from the price shown when the order was sent — this difference is slippage. On platforms using instant execution rather than market execution, the broker may instead respond with a requote at a new price.
When traders use it
Market orders are used when being filled matters more than the precise price, for example to close a position quickly. When the price matters more, traders use a limit order instead.
Example
Clicking “Buy” on EUR/USD quoted at 1.0850 / 1.0851 sends a market order that fills at about 1.0851 — or slightly differently if the price moves before execution.
Learn more
- Forex Order Types: Market, Limit, Stop and More Explained
A guide to forex order types — market, buy/sell limit, buy/sell stop, stop-limit, stop loss, take profit, trailing stop and OCO — with examples.
Related terms
- Limit order
A limit order is an order to buy or sell at a set price or better. A buy limit is placed below the current price and a sell limit above it.
- Stop order
A stop order is an order to buy once the price rises to a set level (buy stop) or to sell once it falls to a set level (sell stop). When triggered, it typically becomes a market order.
- Slippage
Slippage is the difference between the price you expect when placing an order and the price at which it is actually filled. It can work against you (negative slippage) or in your favour (positive slippage).