When you instruct a stockbroker to buy or sell shares, you must specify the order type. The two most fundamental types are market orders and limit orders.
A market order instructs the broker to execute the trade immediately at the best currently available price in the market. It prioritises speed of execution over price certainty. In liquid markets, the execution price will be close to the last traded price. In illiquid markets, the bid-ask spread can mean the execution price is materially worse than expected.
A limit order sets a maximum price you are willing to pay (for a buy) or a minimum price you are willing to accept (for a sell). The order will only execute if the market reaches your specified price. Limit orders give price certainty but not execution certainty — if the market never reaches your price, the order may expire without being filled.
On the CSE, limit orders are generally preferred for all but the most liquid stocks. Given that many CSE-listed stocks trade in low daily volumes with wide bid-ask spreads, placing market orders can result in significant "slippage" — executing at a much worse price than anticipated.