Bitunivex

A market order is an order type that regardless of the price, the order will be executed with the amount (size) inputted. Always the first order price in the sales book is executed when you place a market buy order.

Limit Order

A limit order is an order to buy or sell an asset at a specific price or better. A buy limit order can only be executed until the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order can only be filled if there is a large enough market buying.

Limit buys are typically placed to fill the orderbook. This means your limit order will sit as an active order (unfilled order) until someone takes the order.  If your limit order sits on the orderbook and is not a marketable limit order meaning it did not execute instantly then a maker fee will be applied. Maker fee rates are generally lower fees.