A limit order is used to buy or sell a currency pair at a specific price or better. It gives you more control, as the trade will only be executed if the market reaches your set price. This helps manage risk and improve entry points.

A stop order is an instruction to buy or sell once the market reaches a specific price. It's commonly used to limit losses or protect profits. For example, a stop-loss closes your trade automatically if the market moves against you.

Order execution refers to how and when your trade is carried out by the broker. Fast and accurate execution ensures your trades happen at or near your desired price, which is critical in a fast-moving market like Forex.

Instant execution means the trade is placed at the exact price you see (or not at all).

Market execution means the trade is placed at the best available price, which may be slightly different from what you saw due to slippage.