Binance Limit Order
A limit order is an order that you place on the order book with a specific limit price. So, when you place an order, the order can only be executed if the market price reaches the limit price you have set or higher.
The difference between a limit order and a market order is that a market order is where the trades are instantly executed at the current market price whereas limit orders are placed on the order book and are not executed immediately.
The best time to use limit order is when you are not ina hurry as the trade will not be instantly executed, you, therefore, have to wait until your asking price is reached, this means that you will get better buying and selling prices and also get a cost average effect as you buy/sell order is split in to many smaller orders.