What a market order is
A market order is an instruction to buy or sell straight away at the price available now. You do not choose the price. You choose the instrument, the direction and the size, and the order is filled as soon as it reaches the execution system.
In plain terms, a market order says "fill me now." Speed of filling comes before control over the price.
Other order types work differently. A limit order waits for a price that you set or a better one. A stop order waits until the price reaches a level and then becomes a market order.
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Which price you get
Every quote has a bid (the price you can sell at) and an ask (the price you can buy at). The gap between them is the spread.
- A buy market order fills at the ask.
- A sell market order fills at the bid.
So a position opened with a market order starts with a small loss equal to the spread. See bid and ask for how this works on a chart.
Precise definition for experienced traders
A market order is executed at the best price the liquidity provider or dealing desk can offer at the moment of processing, not at the price on your screen when you clicked. The two can differ because:
- quotes keep updating while the order travels from your terminal to the server,
- the volume available at the top price may be smaller than your order size,
- liquidity thins out around news releases, rollover and session opens.
The fill price is "best available." In a fast market that price may be worse than expected.
Market execution vs instant execution
MetaTrader platforms support different execution modes. Which one applies is set by the broker for each account or instrument, not by the trader.
| Instant execution | Market execution | |
|---|---|---|
| Price requested | The price shown in the terminal | No fixed price |
| If price moves | The order may be rejected or a requote offered | The order fills at the new available price |
| Main risk | Missed entry because of a requote | Slippage |
| Deviation setting | Trader may set an allowed deviation | Usually not available |
With instant execution, the platform tries to fill at your quoted price. If the price has moved beyond the allowed deviation, you get a requote: a new price that you can accept or decline.
With market execution, there are no requotes. The order is filled at whatever price is available when it is processed.
If you trade with Exness, check which execution type applies to your account and instruments in the Exness personal area or on the official site.
Slippage
Slippage is the difference between the price you expected and the price you got. It can be:
- negative: the fill is worse than expected,
- positive: the fill is better than expected.
Slippage is more likely when volatility is high, during major economic releases, and at the market open after a price gap. Larger order sizes can also slip more when available volume at the best price is limited.
To see what slippage costs in money for your lot size, use the tools on the calculators page. Do not estimate it from memory.
When traders use market orders
Traders use market orders when getting into or out of a position matters more than the exact price. Common cases:
- closing a position quickly when the market moves against it,
- entering when the trader accepts the current price and does not want to wait,
- instruments with deep liquidity and tight spreads during active sessions.
A market order is often a poor choice when:
- the spread has widened, for example around news or rollover,
- the market is thin or has just opened after a weekend,
- the trader needs a precise entry level. A limit order gives price control, but it may not be filled.
Protecting a market order
A market order does not limit your risk by itself. Most traders add a stop loss and a take profit at entry or right after. A stop loss usually becomes a market order when triggered, so it can also slip in a fast market or across a gap.
Leveraged forex and CFD trading can lose money fast, and slippage can make a loss larger than planned. Read risk management before trading live. You can practise market orders without real money on a demo account.
Frequent questions
What is the market order meaning in simple words?
It is an order to buy or sell immediately at the current available price, without setting a price limit.
Is a market order always filled?
Under market execution it is normally filled, but the price may differ from the quote you saw. Under instant execution it can be rejected or requoted if the price moves.
Why did my order fill at a different price?
The quote changed between your click and processing, or the volume at the best price was not enough. This is slippage.
Is instant execution better than market execution?
Neither is better in general. Instant execution gives more price control but risks requotes. Market execution fills reliably but risks slippage.
Does a market order include costs?
Yes. You pay the spread and, on some accounts, a commission. If you hold the position overnight, swap may also apply. See total trading costs.