Glossary
Market order: definition
A market order tells the broker to trade now at the best available prices. You control the timing. You do not control the price, except through whatever protections the venue applies.
In practice
In deep markets during the main session the result is usually close to the quote. At the open, in a halt, or in a thin name, the result can be a long way from the last trade you saw. Market orders are a reasonable tool when the cost of waiting exceeds the spread, and a poor habit when the app makes them the colourful button. Partial fills and several prices in one order are normal for larger size.
A worked example
A market buy in a stock with a 10.00 bid and a 10.02 ask for plenty of size might fill at 10.02. The same order in a name quoted 10 by 12 might fill near 12. The order type did what it was asked.
Related
Sources and review
Last reviewed: 2026-10-13. Next review due 2027-04-13. Status: editorial review of this page, not a live verification of every third-party fee.
Author: WiT Markets Editorial, Editorial desk. The WiT Markets editorial desk writes explanatory pages, comparison context and research notes. It separates sourced facts from items that are not confirmed, and it does not provide personal recommendations.
Reviewed by: WiT Markets Research Review.
Primary and regulatory sources
- Investor.gov — checked 2026-10-13
- FINRA — checked 2026-10-13