Market orders are immediate buys or sells at whatever the market price is.
Stop loss, take profit, and trigger orders are variations of market orders.
Limit orders are buys or sells of an asset at a defined price.
They do not execute immediately as they require a defined price to be met before they're executed. Any of your collateral or balance used in a limit order will be unavailable until that trade is canceled or executed.
Limit orders turn traders into price-makers meaning they're in control of the exact price their trade is executed at. Limit orders do not incur any extra funding fee as they're effectively making a market rather than taking one.
Stop limit, take profit limit, and trigger limit orders are variations of limit orders.
Limit orders may not be executed if the asset never trades at your desired price.