What is a limit order on a crypto exchange?
A limit order buys or sells crypto only at your chosen price or better; if it cannot fill right away, it usually rests on the exchange order book.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
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- A limit order sets your price, not a guarantee of a fill.
- A market order fills fast but gives no price control.
- An unfilled order can tie up funds until it expires or you cancel.
- A large order can fill in parts, leaving a remainder on the book.
You use a limit order when price matters more than speed. You name the price and amount, and the exchange matches it against other orders.
How a limit order works
When you place a limit order, you choose a price and an amount. A buy limit fills only at that price or lower; a sell limit fills only at that price or higher. If your order matches orders already on the book, it can fill immediately. If not, the exchange holds it on the order book until a match arrives.
Limit order vs market order
A market order fills immediately at the best available prices. You get speed, but you cannot control the exact price. A limit order may wait for your price, and it may not fill at all.
What happens when it does not fill
If the market does not reach your limit price, your order stays open on the book. Most exchanges let you set a time-in-force. A day order ends with the trading session, while a good-til-cancelled order usually stays open until you cancel it, though some exchanges set a maximum duration. You can cancel an unfilled order.
Partial fills and cancellations
A large limit order may not fill all at once. The matching engine fills what it can and leaves the rest on the book. This is a partial fill. You can usually cancel the remainder.
- A partial fill means only part of your order was bought or sold.
- The unfilled remainder stays open on the order book.
- You can cancel the remainder if the exchange allows it.
Frequently asked questions
You do not get the trade. The exchange usually releases any reserved funds when the order expires or you cancel it.
Yes. You can cancel the unfilled part, but the filled part is final.
The basic idea is the same. Time-in-force choices and matching rules can differ.
A stop order triggers after a price move and becomes a market order. A stop-limit order adds a limit price, and that limit order may still go unfilled.
