Limit Order

A limit order is, like a market order, an order to buy or sell an asset. As opposed to buying a given asset immediately at its current market price, however, a limit order allows you to set certain price parameters for your purchasing or selling preferences such that a transaction is only initiated once those parameters are met. 

For example, if you want to buy a cryptocurrency only once it falls to a certain price — or, for that matter, to sell only once a given cryptocurrency’s value reaches a certain number — you can specify those price parameters so that the limit order will be fulfilled if and when those conditions are met.