The limit order is an order placed to execute a buy or sell transaction at a set number of trading pairs and at a specified limit price or better. When the market’s liquidity is low and transaction prices are changing drastically, the limit order made by the customer may not be a guaranteed match.
The priority of each is depended on the price and the quantity. If there is no such price, or the order quantity of such price is insufficient. Then this order will be on hold till there’s another transaction that matches.
The market order is defined as a purchase order that is immediately matched with the currently available price on the exchange. Market orders will not guarantee the traded price and the market orders may be matched with several different prices.