The basic kinds of market orders are buy and sell ones. You instruct the exchange to make a transaction at the best available price. Note that the best available price isn’t always the current value displayed – it depends on the order book, so you could end up executing your trade at a slightly different rate.

Market orders are good for instant (or near-instant) transactions. That’s about it, though. Fees incurred from slippage and the exchange mean that the same trade would have been cheaper if done with a limit order.