A limit order is an order that the user places on the order book with a specific price limit, a price limit set by the user. So, when you place a limit order, the transaction will only occur if the market price reaches your limit price (or better). Therefore, a user can use a limit order to buy at a lower price or sell at a price higher than the market price.
How To Use?
If the user wants to sell BNB at the current price requested. After logging into the Tokocrypto account, the user can select the BNB market that the user wants (example: BNB / BIDR) and go to the transaction page. Then look for the Limit Order label, enter the desired price and quantity, then click the Sell BNB button. Users can also determine the amount by using the percentage button, so that users can easily submit a limit sell for 25%, 50%, 75% or 100% of the balance.
After this, the user will see a "Success" confirmation message on the screen, enter the open order, and the limit order will be placed on the order book with a red arrow.
When should the user use it?
Users are advised to use limit orders when they are not in a hurry to buy or sell. Unlike market orders, limit orders are not executed immediately, so the user has to wait until the bid / ask price is met. Limit orders also allow users to get better buy and sell prices and they are usually placed at support or resistance prices. Users can also break your buy / sell order into several small limit orders, so that the user gets the average selling / buying price.