Market Order vs Limit Order: The Difference and Which to Use
When you go to buy or sell a coin, the exchange usually asks you to choose between a market order and a limit order. Many beginners just click through without knowing the difference, even though picking the wrong one can leave you with a worse price than you expected. This article explains the difference in plain language, connects it to fees, and sums up which one a beginner should use in each situation.
What is a market order?
A market order means buying or selling immediately at the best available price right now. The upside is certainty and speed — you get filled instantly, which is handy when you want to get in or out quickly. The downside is that the exact price isn’t guaranteed. Especially on low-liquidity coins, the price can move while your order fills, so you end up with a price that differs from what you saw on screen. This is called slippage.
What is a limit order?
A limit order means you set the exact price you’re willing to buy or sell at. The order only fills at that price or better. The upside is that you control the price precisely and won’t be surprised by slippage. The downside is that it might not fill at all if the market never reaches your price. For example, if you place a buy below the market but the market only rises, your order just sits there waiting until the price comes to you.
The difference in a nutshell
- Market— certain and fast to execute, but no price control (slippage risk on thin coins)
- Limit— precise price control, but no guarantee it fills
- The core choice is a trade-off between speed and price control
How this relates to maker / taker fees
On many exchanges, a limit order that rests on the order book counts as a maker(adding liquidity), while a market order that immediately takes what’s on the book counts as a taker (removing liquidity). Some exchanges charge makers a lower fee to encourage people to place resting orders.
In Thailand, though, note that Bitkub charges 0.25% for both, and Binance THcharges by pair (0.10% on crypto-crypto pairs, 0.25% on THB pairs) and usually doesn’t offer a clear maker/taker discount the way some foreign exchanges do. To compare fees in full, read the cheapest crypto trading fees in Thailand.
Which should a beginner use?
For big, liquid coins like BTC or ETH, if you’re buying a small amount, a market order is simple and perfectly fine because slippage is negligible. But if you want to control your price, or you’re trading a smaller, thinner coin, use a limit order to avoid slippage— it’s much safer. To see how buy and sell prices actually affect your profit, plug the numbers into the profit calculator.
Frequently asked questions
›Which gives a more certain price, a market or a limit order?
A limit order gives a more certain price because you set it yourself and the order only fills at that price or better. A market order gives certainty of execution but the price may slip, especially on low-liquidity coins.
›Why isn't my limit order filling?
Because the market price hasn't reached the level you set. For example, if you place a buy below the market but the market never drops, the order just waits until the price comes to you. To get filled for sure, move your price closer to the market or use a market order instead.
›Do limit orders really cost less in fees in Thailand?
Not necessarily. Some foreign exchanges charge makers (limit) less than takers (market), but in Thailand Bitkub charges 0.25% for both, and Binance TH charges by pair. So don't pick your order type just hoping for a fee discount.
Ready to start for real?
For beginners in Thailand, Binance TH is a sensible first pick — crypto pairs at just 0.10% (the cheapest here), Thai SEC licensed, and free THB deposits via PromptPay QR.
*Affiliate link — we may earn a commission if you sign up through it, at no extra cost to you. Not investment advice.
⚠️ Fees and order conditions can change at any time, so always check the official site of each exchange. This article is for education only and is not financial advice.