# Order Types

There are two main types of orders: **Market Orders** and **Limit Orders.**

### Market Order

When you place a market order, you buy the **cheapest order** someone is willing to sell at. Market orders are **guaranteed to fill** if a seller exists, but you pay the **spread** (the gap between buyer and seller prices).

*Example:* A market order of $5 at 12¢ buys as many shares as $5 can cover.

<figure><img src="/files/G12ZeHNITTDxAnZrkjyt" alt=""><figcaption></figcaption></figure>

### Limit Order

With a limit order, you set the **price**, **number of shares**, and **expiration date.**

*Example:* The lowest sell price in this market is 12¢, but you only want to pay 11¢. You place a limit order at 11¢.&#x20;

After placing it, your order **sits in the order book** until a seller matches it. Limit orders are **not guaranteed to fill.**

<figure><img src="/files/xWMWoQCCP6wS0g3F0g0g" alt=""><figcaption></figcaption></figure>

### When to Use Each Order Type

Here are some events where each order type makes sense.

| Quick Buy                                                                                                                                                                                                                                                                          | Limit Order                                                                                                                                                                                                                                                                                                                                 |
| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| <p>Immediate entry, short-term events, willing to pay the spread<br><br><em>Examples:</em> Reacting to breaking news when you need an instant fill</p><p></p><p>Buying a sports contract just before a game starts<br><br>Trading a debate-night contract during live coverage</p> | <p>Longer-term events, specific price targets, patience to wait for a fill<br><br><em>Examples:</em> Accumulating contracts in a long-term election market at your target price<br><br>Setting 40¢ for an inflation contract weeks before release<br><br>Setting an order to sell at 75¢ to lock in profit if the market moves your way</p> |


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