A limit order is a type of order to buy or sell crypto and will only execute at a specified price.
A buy-limit order will be executed at the specified price or lower.
A sell-limit order will be executed at the specified price or higher.
If an order is filled, it will only be at the specified limit price or better.
The advantage of limit orders over market orders is that you can set the exact price you want to get for your coins when you sell or buy them.
However, there is no guarantee that the order will get executed. Even if the crypto reaches the specified limit price, your order may not be filled because there may be orders ahead of yours that eliminate the availability, depending on the liquidity available in the order book. (Limit orders are executed on a first-come, first-served basis)
Example: A limit order to BUY 25 ADA is placed at $1.96. You can see it's currently placed on the top of the order book as it's the highest BUY price offered at that time. This order will only be executed when there's a seller who is willing to sell their ADA at $1.96 or lower.
How do I set a Buy Limit Order?
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