Market Order

A market order is an order to buy or sell at the best accessible price in a split second. Executed in view of the limit orders are now situated in the order book, implying that market orders rely upon market liquidity to be completed.
Dissimilar to limit orders that are put in on the request book and trust that somebody will execute them, market orders are executed promptly at the current market price. In this manner, while finishing a market order in the Binance exchange, you will be paying the trading fees as a market taker
Since market orders are executed right away, your market order will match the best limit order accessible on the order book. At the end of the day, in the event that you make a market buy order, it will match the best limit sell orders at the current price. Be that as it may, in the event that the cheapest limit sell order accessible isn't adequate to fill your whole market order, your order will consequently match the accompanying limit sell orders until it is at long last completed. This cycle is called slippage and is the justification for why you pay higher prices and higher fees with market orders when compared to limit orders.
Market orders are helpful in circumstances where getting your order immediately filled is a higher priority than getting a certain price. This means that you ought to possibly utilize market orders assuming you are in a rush and ready to pay higher prices and fees (brought about by the slippage). In different terms, market orders ought to possibly be utilized to buy or sell as fast as could be expected, paying little heed to price and fees.