For all Standard and Professional account types, there are two standard order types, market order, and pending orders, as well as  2 order execution types, market execution, and instant execution.

• Order Types
• Order Execution Types

Order Types

Order types are divided into two categories, market orders, and pending orders.

Market Order

Market orders are executed as they are activated and include Buy and Sell as the primary orders.

• Buy: a buy order opens with the Ask price and closes at the Bid price.
• Sell: a sell order opens with the Bid price and closes at the Ask price.

For a more in-depth look at Ask and Bid prices, please follow this link.

Pending Order

Pending orders are used to set conditions to automate executing an order, depending on the order type.

Here is a handy breakdown of order types, and which account types can use them:

Pending Orders Explained

Pending order types give you tools to automate trading; when a certain price or level is reached, these activate an action automatically, so you don’t have to.

• Buy Limit - Set a buy price lower than the current ask price.
• Sell Limit - Set a sell price higher than the current bid price.
• Take Profit - Close the order as soon as this user-set level of profit is reached.
• Buy Stop - Set a buy price higher than the current ask price, and execute the order if that price is reached.
• Sell Stop - Set a sell price lower than the current bid price, and execute the order if that price is reached.
• Stop Loss - Close the order as soon as this user-set level of loss is reached.
• Buy Stop Limit (MT5 only) - A combination of Buy Stop and Buy Limit, this order requires you to set two prices which must both be reached before this order is executed.
• Sell Stop Limit (MT5 only) - A combination of Sell Stop and Sell Limit, this order also requires you to set two prices which must both be reached before this order is executed.

These orders give you even more deft control over your trading and is highly recommended to become familiar with to mitigate and manage your risk.

Order Execution Types

There are also 2 order execution types across Exness accounts, Market Execution, and Instant Execution.

• Instant Execution: the method by which brokers execute orders at the trader’s requested price, or not at all.
• Market Execution: the method by which traders execute orders at the current price, within fractions of a second, at the moment of order processing. The price can be either higher or lower than the one the trader sees in the terminal window as prices constantly change.

These are the Order Executions available, based on account types:

For a more in-depth look at Order Executions, please follow this link.