Do market and limit orders have different brokerage?

No. Brokerage depends on the segment and your broker's tariff, not on the order type.

Why did my limit order not execute?

The market price did not reach your limit, or there was not enough quantity at that price before the order expired.

Market Order vs Limit Order: Which Should You Use?

A market order prioritises speed; a limit order prioritises price. Here is how they work on Indian exchanges and how to avoid costly slippage.

Market order

A market order buys at the lowest available offer or sells at the highest available bid, immediately. If the quantity you want is more than what is available at the best price, the rest fills at the next prices in the order book. The difference between the price you expected and the price you got is called slippage.

Limit order

A limit order sets the worst price you will accept: the maximum you pay when buying or the minimum you accept when selling. It may fill immediately, partly, later in the session, or not at all.

Side-by-side

	Market order	Limit order
Execution	Near-certain (if there is liquidity)	Only at your price or better
Price control	None	Full
Slippage risk	Yes, especially in illiquid stocks or options	No (but may not fill)
Good for	Very liquid large-caps, urgent exits	Almost everything else

Example

A stock last traded at ₹500. The order book shows 50 shares offered at ₹500.10, 100 at ₹500.50 and 300 at ₹502. A market buy for 400 shares fills across all three levels at an average of about ₹501.3. A limit buy at ₹500.50 fills only 150 shares and waits for the rest.

Tips

Use limit orders as the default, especially in small-caps, SME stocks and options.
Look at market depth before a large order.
Avoid market orders in the first and last few minutes of the session, when spreads can be wide.
For exits you must complete, a limit order placed slightly beyond the current bid often fills immediately while capping slippage.

See also types of orders and stop-loss orders.