Plain English
A market order says “fill me now at whatever the best available price is.” A limit order says “only fill me at $X or better.” Market orders guarantee execution; limit orders guarantee price. You almost never get both.
How it actually works
A market buy walks up the order book — taking out the lowest sell offers in sequence until your size is filled. On a thin book, this can move price several percent against you. A limit buy sits in the book at your chosen price; it fills only if the market comes to you. It might fill immediately, partially, or never.
What it means for you
For anything beyond pocket-money size on a thin pair, default to limit orders. Place them slightly above the best bid and you usually still fill — you just stop bleeding to slippage. For exiting in a crash, market orders are sometimes the right call (price certainty matters less than getting out), but know what you are giving up.
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Educational content only. Not investment, tax, or legal advice.