In digital currency trading, there are several common types of orders:

Market Order

• Definition: An order executed immediately at the current market price. When traders place a market order, they do not specify a specific price but rather transact at the best available buy or sell price in the market.

• Characteristics: Can be executed quickly, ensuring timely execution of trades, but cannot control the execution price, which may result in transactions at less than ideal prices during significant price fluctuations.

Limit Order

• Definition: An order where the trader specifies a particular price, which will only be executed when the market price reaches or exceeds that specified price.

• Characteristics: Allows control over the execution price, enabling purchases or sales at the trader's desired price. However, if the market price does not reach the specified price, the order may not be executed.