A market order is an order to buy or sell an amount immediately at current market price.
A limit order is an order to buy or sell an amount at a specific price or better. After the order is placed, the system will post it on the order book, and match it with the orders available - at the price specified or better.
■Advanced Limit Order
Advanced limit order offers 3 more order options than a regular limit order, including “Post Only”, “Fill or Kill” and “Immediate or Cancel”. The regular limit order has been defaulted as “Good till Canceled”.
1) Post Only
it never takes liquidity and makes sure the user will be a market maker. If a post-only limit order would cause a match with an existing order, the order will be canceled.
2) Fill or Kill
it makes sure the order is executed or canceled entirely without partial fulfillments.
3) Immediate or Cancel
it requires all or part of the order to be executed immediately, and any unfilled parts of the order are cancelled.