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Quick Answer

Use a market order when immediate execution matters more than exact price. Use a limit order when price control matters more than certainty of filling. On Opinion, an order that executes immediately removes liquidity and is a taker order; an order that rests in the book adds liquidity and is a maker order. Current policy charges takers, while makers are generally free.
VERIFIED: SEPTEMBER 3, 2026

Order behavior and fees are based on current official Docs. Always use the live order preview for the exact price, fee and maximum loss.

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Market Order vs Limit Order

The order label alone is not the full story. A limit order priced to cross existing liquidity can execute immediately and act as a taker.

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How a Market Order Works

A market order matches the best available orders in the book. If the first price level cannot fill the entire amount, the trade may continue at worse prices. This difference between the expected price and average execution price is price impact or slippage. Before confirming, check:
  • best available ask when buying or bid when selling;
  • spread between the best bid and ask;
  • depth available near the current price;
  • estimated average execution price;
  • fee and maximum loss.
Market orders are easier to execute, but thin liquidity can make them more expensive than the headline price suggests.

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How a Limit Order Works

A limit order specifies the price you will accept. The current Opinion guide describes this flow:
  1. Select Limit in the buy or sell panel.
  2. Enter the desired price.
  3. Enter the number of shares.
  4. Optionally choose an expiration.
  5. Review and confirm the order.
The order can remain open, fill partially or never fill. You can monitor it in Open Orders and cancel an unfilled remainder.

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Which Should You Choose?

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A market order may fit when

  • the order is small relative to visible depth;
  • the spread is narrow;
  • you accept the previewed average price and fee;
  • immediate execution matters.

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A limit order may fit when

  • you have a firm maximum entry price;
  • the spread is wide or depth is thin;
  • you can wait for another trader;
  • avoiding an unexpectedly poor fill matters more than execution speed.
This is an execution framework, not a recommendation. The right choice depends on the live book and your own constraints.

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Worked Example

Assume the Yes order book shows: A market buy for 40 shares could fill 20 at 0.60and20at0.60 and 20 at 0.63, producing an average price of 0.615beforefees.A0.615 before fees. A 0.60 limit order would cap the price at $0.60 but might fill only 20 shares—or less if the book changes.

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Fees: Maker and Taker Matter

Opinion’s current fee policy says:
  • takers pay a fee whether buying or selling;
  • makers are not charged under the current policy;
  • taker fees follow a price-sensitive curve and are higher near 50% probability;
  • the current minimum order is 5andminimumfeeis5 and minimum fee is 0.50;
  • the live interface controls if program values change.
Read Opinion Fees Explained for the formula and a worked example.

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A 20-Second Pre-Trade Check

  1. Is this the correct outcome and market?
  2. What are the best bid and ask?
  3. How much depth exists at those prices?
  4. Will this order rest in the book or execute immediately?
  5. What average price, fee and maximum loss does the preview show?
  6. If a limit order does not fill, when will you cancel or revise it?

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FAQ

No. It prioritizes execution, not a single price. A larger order can consume several levels of the book.
No. It guarantees the price boundary, but another trader must match the order. It may fill partially or not at all.
Current policy makes maker orders free. A limit order that crosses the book and executes immediately can be a taker and incur a fee. Check the live preview.
The current Docs show a cancel control in Open Orders. A portion already filled cannot be cancelled as though it never traded.
The current product guide points to Open Orders and the My Portfolio page for orders across multiple markets.

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Official Sources

  1. OPINION Docs — Understanding the order book
  2. OPINION Docs — Managing open orders
  3. OPINION Docs — Start trading
  4. OPINION Docs — Fees
Educational information only. It is not investment advice. Prices, liquidity and product rules can change.