A market order is a request to purchase or sell something right away at the best price. Market orders are dependent on market liquidity to be fulfilled because they are executed based on the limit orders that are already present in the order book. Market orders are carried out instantly at the current market price, as opposed to limit orders, which are entered into the order book and wait for someone to execute them. As a market taker, you will therefore be responsible for paying the trading commissions when completing a market order. Your market order will match the best limit order on the order book since market orders are immediately executed. In other words, a market buy order will match the best limit sell orders at the price at which it is created. Your order will automatically match the subsequent limit sell orders until it is fully filled, though, if the cheapest limit sell order available is insufficient to meet your entire market order. You pay more with market orders than limit orders in terms of prices and costs because of a process known as slippage. Market orders are practical when getting your order completed promptly is more crucial than getting a certain price. As a result, market orders should only be utilized when you are in a rush and prepared to pay higher prices and costs (due to the slippage). To put it another way, market orders should only be utilized when you need to purchase or sell anything as soon as possible, regardless of the cost or other factors.