How is an ionic bond formed? How is a covalent bond formed?

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Hint: The covalent bonds are also called as the molecular bond.
Atoms which can either lose or gain electrons are likely to form the ionic bonds.

Complete answer:
In the question, it is asked to comment on how ionic bonds and covalent bonds are formed.
From the lower classes we are studying a various range of chemical compounds and these compounds are formed by the formation of a chemical bond formed during the chemical reactions.
There are two main types of bonds present in the compounds they are: ionic bonds and covalent bonds.
Now let’s discuss the formation of these bonds.
Ionic bonds-
These bonds are formed by the electrostatic attraction between two oppositely charged species. Ionic bonds are formed between the positively charged species called as the cations and negatively charged species called as the anions.
The cations are formed by the atoms which have the tendency to lose the electrons so that they obtain a stable noble gas or the octet configuration.
The anion species are formed by the atoms which need the electrons to fulfil the octet configuration. Hence anions are formed by those species which have a tendency to accept the electrons to complete its octet configuration.
So simply we can say that ionic bonds are formed by the transfer of electrons from one atom to another atom.
The cations are formed by losing electrons.
For example:$Na\to N{{a}^{+}}+{{e}^{-}}$
The anions are formed by gaining electrons.
For example:$Cl+{{e}^{-}}\to C{{l}^{-}}$
The cation $N{{a}^{+}}$ and anion $C{{l}^{-}}$forms the ionic compound NaCl.
The ionic bonds are only formed between metals and nonmetals.
Now let’s see how covalent bonds are formed.
Covalent bonds-
The atoms which cannot gain or lose electrons but only can share the valence electrons will form the covalent bonds. The atoms that have high ionization energy and have low electron affinity are likely to form the covalent bonds. The atoms involved in covalent bonding mutually share its valence electrons, so that all the atoms involved in the compound formation obtain the stable octet configuration.
Covalent bonding occurs between the similar atoms to form molecules like ${{H}_{2}},{{O}_{2}}$etc. and also between the hetero atoms to form compounds like ${{H}_{2}}O,N{{H}_{3}}$ etc.

Ionic bonds are formed between the atoms which have greater difference in electronegativity.
For the formation of covalent bonds, the combining atoms should not have much difference in electronegativity.