A market order is an order in a form of user’s binding instruction to the third-party exchange to buy or sell a specified quantity of the asset being traded on the open order book of connected third-party exchange at the best available price within the limits of (potential) protection levels provided by third-party exchange. 

Depending on the liquidity available on the third-party exchange at the time when a market order is submitted, the market order may be executed at a price less favorable than the most recent trade price, unless such price reaches or exceeds the protection level(s), if such protection levels are enabled on the third-party exchange.