What type of order guarantees the execution of a trade at the best available price?

A market order is an order to buy or sell a security at the best available price in the market at the time the order is executed. This type of order prioritizes speed of execution over the price, which means that when a market order is placed, it will be filled immediately at the current market price, ensuring that the trade gets executed quickly.

Market orders are commonly used by traders who wish to enter or exit positions swiftly, especially in fast-moving markets. They do not involve any specified price limits; therefore, they are guaranteed to execute as long as there are willing buyers or sellers in the market. This characteristic distinguishes market orders from other types of orders, like limit or stop orders, which have conditions that could lead to non-execution under certain circumstances.