A limit order is a type of order to purchase or sell a cryptocurrency at a specified price. For buy limit orders, the order will be executed only at the limit price or a lower one, while for sell limit orders, the order will be executed only at the limit price or a higher one. This stipulation allows traders to better control the prices they trade.
While the price is guaranteed, the filling of the order is not, and limit orders will not be executed unless the cryptocurrencies' price meets the order qualifications. If the asset does not reach the specified price, the order is not filled.
This can be contrasted with a market order, whereby a trade is executed at the prevailing market price without any price limit specified.
It's important to note that we have incorporated a 7-day expiry to limit orders, meaning that if the order is not executed within 7 days, it will expire and automatically cancel.
Please feel free to set up a new limit order on your account if you wish. As a friendly note, please bear in mind the 7-day expiry for limit orders.
To learn how to place a Limit Order in your Coinberry account, check out the articles below: