A geostationary or geosynchronous orbit is located at an altitude of 36 000 km above Earth, and takes a lot more energy to reach than LEO. At this higher altitude it takes the satellite a full 24 hours to orbit the Earth. Thus, the satellite moves at the same speed as the Earth rotates.
Geostationary satellites are those orbiting above the equator in a circular orbit – they appear to ‘hover’ in the sky over the same spot on the ground.
Geosynchronous satellites are not positioned over the equator or have an elliptical orbit and so appear to move across the sky. These types of satellites are typically communications or weather satellites, for example ESA’s Meteosat family of weather satellites operate in geostationary orbit.
'Geo-', derived from Gaia, refers to Earth. Similar orbits around Mars would technically be called areostationary and areosynchronous, where 'areo-' is derived from Ares, the Greek name for Mars. (Planets have traditionally been named after Roman gods.) To avoid too many different namings, geosynchronous and geostationary can be used to describe orbits around other objects, just like we use the term geology for other planets. Alternatively, one can use the more generic terms (surface-)stationary and synchronous to describe these orbits