A Market Order is a type of order used in financial markets, including stock exchanges and cryptocurrency markets, to buy or sell a financial instrument at the current market price. It is one of the most straightforward and commonly used order types and is executed immediately at the prevailing market price, ensuring that the trade goes through as quickly as possible.

Key characteristics of a market order include:

Immediate Execution: A market order is executed as soon as it is received by the market. It prioritizes speed of execution over price.
No Price Guarantee: Since a market order is executed at the current market price, there is no guarantee that the final price will be the same as the last quoted price. The actual execution price may differ slightly, especially in volatile markets.
High Liquidity: Market orders are typically used for highly liquid assets with a narrow bid-ask spread, where there is a minimal difference between the buying (bid) and selling (ask) prices.
Guaranteed Fill: Market orders are almost always filled because they aim to match with existing limit orders in the order book. However, in extremely illiquid markets, there might not be enough liquidity to execute the full order, and the remainder might be filled at less favorable prices.

Market orders are commonly used when traders want to execute a trade promptly, are not concerned about the exact execution price, or are trading highly liquid assets with stable prices. They are especially popular among day traders who need to enter or exit positions quickly.

It's important to note that while market orders provide quick execution, they do not offer control over the final price. In cases of high volatility or low liquidity, the execution price might significantly differ from the last quoted price. Traders who require more price certainty may choose to use limit orders or other order types that allow them to specify the maximum or minimum price at which they are willing to buy or sell.