Market order
A market order is a type of stock order that indicates a preference for quick execution relative to price specificity. This generally means you’re willing to accept the next available price and a certain price isn’t guaranteed.
If you want to buy at a specific price, place a limit order.
It’s not guaranteed your market order will be executed at a specific price. Additionally, our venues don’t support market orders during extended-hours trading. If your market order is placed outside of regular market hours, the order will be queued for the start of regular market hours on the next trading day.
Depending on the price your order is filled at, the final dollar amount of your share-based order may change when you place a market order. Similarly, depending on the price your order is filled at, the final share amount of your dollar-based order may change.
The market price shown in the app is the last trade price on a Nasdaq exchange (the Nasdaq Stock Market, NASDAQ OMX BX, or NASDAQ OMX PHLX), which might not be the best available price when the order is executed.
We generally cancel fractional orders (share-based orders that include a fractional share and dollar-based orders) if they're unexecuted after 5 minutes of being eligible for execution.
Robinhood defaults to share-based or dollar-based. Share-based and dollar-based orders can default to market or limit orders depending on the time of day and order side.
The following shows the default order behavior for trading during regular market hours versus extended-trading hours with Robinhood. Orders submitted during the overnight trading hours, or when the market is closed, are queued for market open and therefore follow the Market hours order schedule.
| Order type | Market hours (9:30 AM–4 PM ET) and Overnight hours (8 PM–7 AM ET) | Extended hours (7–9:30 AM and 4-8 PM ET) |
| Share-based buy orders | Limit | Limit |
| Share-based sell orders | Market | Limit |
| Dollar-based buy orders | Market | Limit |
| Dollar-based sell orders | Market | Limit |
This information applies to the app and web classic only.
Your last order type will be the default for your next order.
Trading during extended and overnight hours comes with additional risks, such as lower liquidity and higher volatility. You can learn more in the Extended-Hours Trading Disclosure.
Fractional shares are not liquid outside of Robinhood and not transferable. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section in our Customer Agreement.
Not all securities are eligible for the entry of fractional orders during Robinhood’s extended-hours trading. If a security isn’t eligible, the order will be queued for the opening of market hours.
You can learn more about eligible securities and the risks of extended-hours trading in Extended-hours trading and for overnight hours in Robinhood 24 Hour Market.