Orders placed by traders to buy or sell a crypto-currency when the price meets a certain amount. They can be thought of as ‘for-sale’ signs.
These orders are what is bought and sold against when traders place market orders. They can also be set with a time limit and expire if they aren’t executed at the specified price by the specified time. This can be handy as market conditions are always changing.
Limit orders can have other conditions attached to them. For example, if a limit order specifies it must be filled immediately or cancelled it is known as a fill or kill order. A limit order that specifies it must be executed for all the shares in the order at the same time is an all or nothing limit order. In some cases a limit order is paired with a stop loss at the same price, specifying that if one is triggered the other will be cancelled. This is known as a one cancels the other limit order.