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Order types
An order is an instruction with conditions. The type you choose decides whether you control the price, the timing, or neither. Brokers add their own variants. The three names below are the ones that matter before the variants.
Market orders
A market order asks for a fill now, at the best available prices. In a liquid share during the main session that is usually close to the price you see. In a thin stock, at the open, or during a halt reopening, it can fill far through the last trade. Convenience is the feature. Price surprise is the cost.
Limit orders
A limit order states the worst price you will accept. It may not fill. That is the point. For anything you do not need immediately, a limit is the default of a careful person. Partial fills are normal. A limit does not protect you after you have a position; it only governs the entry or the exit you placed.
Stops
A stop becomes a market or limit order when a trigger trades. It does not guarantee the trigger price. A fast market can gap past it. Some brokers sell a different product that promises a fill and charges for the promise. Read whether you have a stop or that other product. WiT Markets does not describe the paid version as safety.
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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
- London Stock Exchange — checked 2026-10-13