1. Market Order Explained

A market order enables users to execute a buy or sell order instantly at the prevailing best price for a swift transaction.

For example:
Suppose BTC's last trading price is 30,000 USDT and User A wishes to purchase BTC instantly at this price. User A can opt for a market order and specify the buy amount (e.g. 200 USDT). This order is instantly executed upon order placement.

Note: As the cryptocurrency market is volatile, the final execution price might not be exactly 30,000 USDT, but will be based on the market's real-time price which could be lower or higher than 30,000 USDT.

2. Limit Order Explained

A limit order enables users to set a specific amount and the maximum buying price or the minimum selling price. The order is executed at the optimal price within the preset price range when the market price reaches the user's specified price.

For example:
Suppose BTC's last trading price is 30,000 USDT and User A wishes to buy it at the reduced price of 28,000 USDT. User A can opt for a limit order and specify the purchase price as 28,000 USDT. This order will instantly execute when the market price dips to 28,000 USDT or lower.

3. Comparison Between Market Order and Limit Order

Market Order: Does not require users to manually set a price. The order is instantly executed at the latest market price with another trader.
Limit Order: Requires users to manually set their desired execution price. The order is then added to the order book, providing liquidity and awaiting a matching order from another trader for execution.