A limit order lets you set the exact price you want to buy or sell cryptocurrency at, instead of the current market price.
This guide explains how limit buy and limit sell orders work on bitcoin.com.au, and how to place, manage and cancel them on the web portal and mobile app.
Key takeaways
- A limit order only executes at your specified price or better. It will not fill if the market never reaches that level.
- A limit buy executes at no higher than your set price. A limit sell executes at no lower than your set price.
- Limit orders can be partially filled, then remain open on the order book or be cancelled, depending on available volume.
- Limit orders open or add to a trade. Take profit and stop loss orders close an existing trade.
What is a limit order?
A limit order is an order to buy or sell cryptocurrency at a specific price. Unlike a market order, which executes immediately at the best available price on the order book, a limit order only executes once the market price reaches your set price.
Limit orders give you control over the price you pay or receive, but they do not guarantee your order will execute. If the market never reaches your limit price, the order stays open until it is matched or you cancel it.
How does a limit order work?
Limit buy: an order to buy cryptocurrency at no more than the price you set. It is not always filled immediately. It sits on the order book until it is matched against one or more sell orders, or until it is cancelled. A limit buy can be partially filled, then cancelled. Under normal market and system conditions, the price you pay will not exceed your specified limit.
Limit sell: an order to sell cryptocurrency at no less than the price you set. It is not always filled immediately. It sits on the order book until it is matched against one or more buy orders, or until it is cancelled. A limit sell can be partially filled, then cancelled. The price you receive will always be greater than or equal to your specified limit.
Placing a limit order reserves the funds needed to fulfil it straight away, before it fills. A limit buy order reserves the required amount from your cash balance. A limit sell order reserves the required amount from your cryptocurrency balance.
Orders are matched on the order book by price, then by the time they were placed. Under normal market conditions, your order will fill at your set price or better. In fast-moving or low-liquidity markets, your order may fill at a slightly different price due to slippage, or may only be partially filled.
Where can I place a limit order?
Spot trading
Limit orders are available on every asset listed on bitcoin.com.au.
Leveraged trading
Limit orders are available on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and XRP (XRP). These are the same assets available for leveraged trading.
Leveraged limit orders sit on the same order book as spot orders and are matched the same way.
For more on how leveraged trading works, see our leveraged trading guide.
Things to know before placing a limit order
- Execution is not guaranteed. If the market never reaches your set price, your order remains open until it is matched or you cancel it.
- In fast-moving or highly volatile markets, your order may take longer to fill, fill at a different price than expected, or only be partially filled.
- A limit order is used to enter the market. To automatically close an existing trade at a target price, use a Take Profit and Stop Loss order instead.
How to place a limit order
On the web portal
- Go to the trade screen.
- Select whether you want to buy or sell.
- Select the cryptocurrency you want to trade.
- Enter the amount you want to trade.
- Select limit order as your order type.
- Enter the price at which you want your order to execute.
- Click preview order to review your limit order.
- Click place order once you have confirmed your order.
On the mobile app
- Tap buy/sell on the bottom navigation bar.
- Select whether you want to buy or sell.
- Select the cryptocurrency you want to trade.
- Enter the amount of cryptocurrency you want to trade
- Select the limit price toggle.
- Enter the price at which you want your order to execute.
- Review and confirm your order.
How to cancel a limit order
On the web portal
- Go to the trade screen.
- Scroll down to open orders.
- Click edit on the limit order you would like to cancel.
- Click cancel order and confirm to remove the order.
On the mobile app
- Tap coin details at the bottom right corner of the Trade screen.
- Select the my orders tab at the top.
- Navigate to open orders.
- Tap cancel on the limit order you want to cancel.
- Tap cancel and confirm to remove the order.
What are the fees for limit orders?
Standard trading fees apply when your limit order is filled. There is no fee for placing or cancelling an unfilled limit order.
Trade with control over your price
A limit order is a useful tool when the price you pay or receive matters more than getting in or out immediately.
Log in to place a limit order on your next trade.
