Limited order is specified with the amount of bitcoins that must be sold/bought and the limit of price that you want to pay/earn in the maximum for bitcoin. The request will only be executed if a corresponding request in the price range specified is available. If there's no corresponding order, it can not be executed and will wait.
Limited order are good for:
- Hold bitcoins for a long period and sell them with a higher exchange rate in the future. For example: you bought 1 bitcoin for 400 BRL and want to sell it when the exchange rate hits 800 BRL for bitcoin. You make the order: Limited Order: Value: 1 BTC. Limit: 800 BRL.
- Trying to buy bitcoins with a cheap exchange rate. For example: you are planning to buy 10 bitcoins when the exchange rate is 400 BRL. You make the order of Limited Purchase: Value 10 BTC. Limit: 400 BRL.