What is a Limit Order

A limit order is a type of trade instruction that allows users to buy or sell assets at a specified price or better. Users can set the order quantity along with the maximum price they are willing to buy at or the minimum price they are willing to sell at. When the market price reaches the specified range, the system will automatically execute the order at the most favorable price within that limit. If the market price does not meet the set conditions, the order will remain open until it is executed or manually canceled.