What is a limit order?
A limit order is an order placed at a specified price. The order will only be executed when the market price reaches your limit price (or better), which means it may not be filled immediately. You can place a buy order at a price lower than the current market price, and it will be executed when the price drops to your limit. Similarly, you can place a sell order at a price higher than the current market price, and it will be executed when the price rises to that level.
What is a market order?
A market order is executed at the current best available price.
For example:
If you want to buy a certain amount of BTC, you can place an order based on amount, and the system will match it with available counterparties. The actual quantity of BTC you receive will depend on the execution price.
If you want to buy a specific quantity of BTC, you can place an order based on quantity. As long as you have enough of the quoted currency and don't exceed the order limit, the system will buy the specified quantity from counterparties.
When selling at market price, you can also place an order based on the amount or quantity you wish to sell.
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