Which type of order is executed at the best available price?

A market order is an instruction to buy or sell a security immediately at the best available price in the market. When a trader places a market order, it is prioritized over other types of orders because it does not specify a price limit; instead, it is executed as quickly as possible at the current market price. This means that the trade will occur at the best price available at that moment, ensuring that the order is filled promptly.

In contrast, a limit order sets a specific price that the trader is willing to buy or sell a security. It will only be executed if the market price reaches that specified level, which may not guarantee immediate execution. Stop orders are designed to trigger a market order once a certain price threshold is reached, adding another layer that could delay execution. Conditional orders are fundamentally based on specific conditions that must be met before they are executed, further complicating when the order would actually be filled.

Thus, choosing a market order showcases a willingness to accept the current price for immediate execution, making it the best answer for being executed at the best available price.