Four type of orders are available on the exchange:
A market order is an order which allows a trader to buy or sell at the current best available price. Usually, this type of order will be executed immediately. However, the price at which a market order is executed is not guaranteed.
It is important to remember that the last traded price is not always the price at which a market order will be executed. In quick-moving markets, the price at which a market order will execute often deviates from the last-traded price or real-time price quote.
A limit order is an order to buy or sell at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
This ensures that a trader will never pay more than what he or she has bid, although a limit order is not guaranteed to execute. A limit order can only be filled if the market price reaches the limit price.
A stop order is an order to buy or sell an asset when its price moves beyond or below a particular price. Once the market price passes the predefined entry or exit point, the stop order becomes a market order.
Stop Limit Orders
A stop limit order is a conditional type of order that combines a stop order and a limit order. Once an asset reaches the stop price, a limit order is automatically triggered to buy/sell at a specific target price. However, as with a limit order, it is not guaranteed to execute.