An order that will execute at a specified price, or better.

How it worksLimit order explainedThis order type should be viewed as a line in the sand a trader has placed on the executor of the order - no assets will be bought beyond a predefined price, or no asset will be sold below a predefined limit.

Limit orders are used when traders target specific execution prices. However, the potential downside is that the orders might take a long while to fully execute, or may never be fulfilled at all if they’re set too far apart from market realities.

Assuming that the available liquidity is not sufficient to fulfil the full order, limit orders can be partially filled, meaning that only a portion of the assets in the order are bought/sold at the agreed-on prices (or better). 

You can also take advantage of falling, or rising prices by creating a ‘ladder.’ For instance, if you wish to buy an asset, and prices are falling, you can set multiple orders at different prices. In this way, you keep purchasing assets until a new local minimum has been reached. In the same way, if you wish to sell an asset when prices are rising, you can set limit orders to sell at various price intervals to take profit when appropriate. 
Illustrative AXO price: 12.5 ADA
Use case

How it is used

Peter has been looking to increase his ADA holdings, but he believes that in the short term cryptocurrency prices are set to fall due to a worsening macroeconomic picture. As such, Peter places an order to buy $1,000 worth of ADA at 5% below the current trading price. The order sits there for a few days until the most recent inflation numbers are announced. Peter was correct and the inflation rate was higher than expected. The market as a whole fell, and with it went ADA. So he is able to buy at a price he was happy with.
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