> For the complete documentation index, see [llms.txt](https://docs.arcex.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.arcex.app/trading-basics/order-types.md).

# Order Types

#### Market Order

A **Market Order** is the simplest and most straightforward order type. When you place a market order, your trade is executed immediately at the best available price in the market.

**When to use it:** When you want to enter or exit a position quickly and you're not concerned about getting a specific price. This is perfect for beginners.

{% hint style="success" %}
**Example:** You see Bitcoin starting to surge and you want to open a long position right away. You place a market order to buy immediately.
{% endhint %}

#### Limit Order

A **Limit Order** allows you to set a specific price at which you want your order to be filled. Your order will only execute if the market reaches your specified price (or better).

**When to use it:** When you have a target entry or exit price in mind and you're willing to wait for the market to reach that level.

{% hint style="success" %}
**Example:** Bitcoin is currently trading at $45,000, but you believe it will dip to $44,000 before going higher. You place a limit order to buy at $44,000. Your order will only execute if the price drops to that level.
{% endhint %}