A market order is an order to buy or sell a currency pair at the current market price. This type of order is typically used when a trader wants to enter or exit a trade as quickly as possible. A limit order, on the other hand, is an order to buy or sell a currency pair at a specific price or better. This type of order is typically used when a trader wants to enter or exit a trade at a specific price or better. The main difference between the two is that a market order is executed immediately at the best available price, while a limit order is executed at a specific price or better, which may not be the current market price. Limit orders allow traders to be more selective in the prices they're willing to trade at and also help in controlling the risk.

A market order is an instruction to buy or sell a security immediately at the best available price. It ensures execution but not price, which means the order will be filled quickly, though the final price may vary, especially in volatile markets. Market orders are ideal for traders prioritizing speed over price precision.

In contrast, a limit order allows traders to specify the maximum price they’re willing to pay when buying or the minimum they’ll accept when selling. The order is only executed if the market reaches that price. While this offers better price control, it carries the risk of non-execution if the market doesn’t meet the limit criteria. Limit orders are often used in more strategic, price-sensitive trading approaches.