Limit Order:

A limit order is an order placed at a specific price. You specify the maximum price you are willing to buy at or the minimum price you are willing to sell at.

Function: A limit order ensures you get your desired price or better, but doesn't guarantee the order will be filled.

Usage: Suitable when you want a specific price, aren't in a hurry, and are willing to wait for a matching order from another user on the Exchange.

Example:

You want to buy 1 BTC at $25,000. You place a limit order to buy 1 BTC at $25,000. If the price of BTC reaches $25,000, your order will be filled.

Market Order:

A market order is an order that is executed at the best available price at the moment.

Function: A market order ensures your order will be filled immediately, but only at the currently available market price.

Usage: Suitable when you want to execute a trade right away at the current price.

Example:

You want to sell 0.5 ETH. You place a market order to sell 0.5 ETH at the current market price. Your order will be filled instantly at the best available market price.