Market orders let you buy or sell a stock immediately at the best available price at the time of submission. If the market is open, the order will be submitted right away and will fill at the best available price contingent on the liquidity at each price level.
Due to this, please keep in mind that the last-traded price is not necessarily the price at which your market order will be executed and that there could be fluctuation between the executed price and the last seen price.
Our executing brokers are obligated by law to give you the best available price based on the National Best Bid and Offer (NBBO). If the market is closed, the order will be filled once the market reopens.
Trade is Shares vs Trade in Dollars
Sarwa allows you to trade fractional shares, meaning you no longer need to buy whole shares. This allows you to place an order as a dollar value or as a number of shares.
By placing an order as a number of shares, you can buy/sell the selected number of shares at the best available price. (e.g., Placing an order to buy 2 shares of a company priced at $4 at the moment of execution will cost you $8)
When placing an order as a dollar amount, you can buy/sell as many shares as possible with the $ amount selected. (e.g., Placing an order in $ at an amount of $10 to buy shares of a company priced at 2$ at the moment of execution, will buy you 5 shares).
Note: $ orders are only available for fractionable shares. Please find more information here.