A market order prioritises certainty of execution over price. It takes the best available offers in sequence until the full size is filled, which means it will always complete in a functioning market — but the final average price depends entirely on how much liquidity was sitting there when it arrived.
This is the right tool when being in or out of the position matters more than a few basis points, and the wrong one for size in a thin book. Because it removes liquidity rather than adding it, it is charged the higher taker fee on almost every venue.
When should I use a market order instead of a limit order?
When execution is urgent and the asset is liquid enough that walking the book costs little — exiting a position during a fast move, for example. For large size in a thin market, a limit order or a split order costs less.
Last updated October 17, 2026