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The main difference is how and when the trade is executed.

• Market order: executed instantly at the current price.
• Pending order: executed later if or when the price reaches a price level you specify.

Simple comparison

• Market order: enter the trade now
• Pending order: enter the trade at a specific price

When to use each

• Use a market order when you want to enter immediately
• Use a pending order when you are waiting for a specific price level