Final answer:
A buy stop order is the correct order to purchase at a higher price than the current market.
Step-by-step explanation:
The correct order to purchase at a higher price than the current market is a buy-stop order. A buy-stop order is placed above the current market price and is triggered when the price reaches or exceeds the specified level. This type of order is commonly used by investors who believe that the price will continue to rise after reaching a certain level.
For example, let's say the current market price of a stock is $50 and you want to buy it if the price goes above $55. You would place a buy stop order at $55, and if the price reaches or exceeds that level, the order will be triggered and executed at the best available price.
In contrast, a buy limit order is placed below the current market price and is triggered when the price falls to or below the specified level. A buy, fill or kill order requires the entire order to be executed immediately or it will be canceled. A buy, immediate or cancel order allows part of the order to be executed immediately, and the remaining portion is canceled if not filled.