What are the pros and cons of placing a market order?

[Kelvin]

 

[Brandon]

Hello Kelvin,
By placing a market order, you inform your broker to trade at the prevailing market price.
One advantage of placing a market order is that you have the assurance that this order will take place as long as there is a market-ready vendor.
In a Forex market, you get to see the trades that are taking place, and therefore you can enter the market quickly and inform the broker to place exchange for you.
When placing a market order, you pay the stated rate at the time, and there are times when the stock may vary. Remember, this is a highly volatile market. If the prices go up instantly, the potential traders may fail to take up the trade. 
The prices at the time of placing the trade may be different from the final price due to the high volatility in this market.