A market order is an order to quickly buy or sell at the best available current price. It needs liquidity to be filled, meaning that it is executed based on the limit orders that were previously placed on the order book.
Unlike limit orders, where orders are placed on the order book, market orders are executed instantly at the current market price.
When should you use it?
Market orders are useful in situations where getting your order filled quickly is more important than getting a certain price. Keep in mind that you might pay higher prices caused by slippage with a market order.
How does CoinPanel handle market orders?
Placing a market order on CoinPanel will immediately place a market order on the exchange. So it is just like placing a market order on the exchange.