Market orders enable businesses to target a specific rate of exchange that is not currently available. If your business dealings mean that you require a specific price, then you can activate a market order that will secure that price when it becomes available. If you require an immediate transfer, then a spot contract will likely be the best option and, equally, if you want to protect yourself against any adverse fluctuations in the currency markets, you might be better considering a forward contract. But if the chief requirement is securing a rate that is not available in the market, using a market order can facilitate an easy means of achieving this.
Put simply, a market order is an instruction to a trader that you want to achieve a specific currency rate in the future. Our team will then place a market order to ensure that when that rate is hit, you will secure it for the pre-agreed amount you want to exchange. Naturally, requesting a rate is no guarantee that the rate will be hit, but if it is hit, we guarantee execution.
A market order is usually done immediately, but you can give additional instructions, such as a limit order or stop loss order, which means the market order will be completed at some point in the future, dependent on market movements.