Limit Order is an order to buy or sell a token at a specific price or better.
This type of order guarantees the execution price but does not guarantee that the order will be executed and can be partially filled when the market price reaches the limit order price but doesn’t complete all the orders. If the user cancels a partially filled order, it will be displayed as a 'filled' order but with 'canceled status'.
Example: You book a limit order to buy 4 Bitcoins at the price of $40,000, the price reaches $40,000 but goes up quickly and you only get 2.5 Bitcoins. The order will be partially filled, 2.5 will be completed and 1.5 will be still pending.
[ How to use it? ]
To create a market order you will need to click on the order tab and then different order types will appear, you can choose the Limit Order.
After selecting the order as a Limit Order, you can set the quantity that you want to buy/sell and the price for each token, and the total amount of the order will be displayed below.
Your limit order will only be filled when the market price reaches the limit order price, you can check your orders in the Orders tab.
Is important to know that the tokens will not be available if you have a pending order please note that you will be able to cancel the orders before it gets filled.
[ When should you use it? ]
You should use limit orders when you are not in a hurry to buy or sell, limit orders are not executed right away, so you need to wait until the ask/bid price matches.