A Market Order is one of the simplest and most common types of trade orders. When a trader places a market order, they agree to purchase or sell a security at the best price currently available in the market. Although market orders are executed instantly, they can be subject to slippage, particularly in highly volatile markets. Slippage occurs when the execution price differs from the expected price due to price fluctuations between the time the order is placed and when it is filled. This order type is frequently used in fast-moving markets but may be less favorable in situations where precision is key.