A limit order is an order placed on the Luno Exchange to buy or sell cryptocurrency, specifying both the amount and price at which you wish to trade.
A buy order (or bid) will only be executed at the limit price (or lower)
A sell order (or ask) will only be executed at the limit price (or higher)
Limit orders do not necessarily execute immediately. If you place a buy order at a price below all of the pending sell orders, you are essentially waiting for the price of cryptocurrency to decrease and for a seller to sell cryptocurrency at the price of your order before your order is filled.
Creating a post-only order ensures that you won't have to pay a taker fee. An order will only be added to the order book if it does not match with a pre-existing order. If it does, it will be cancelled.
For example, if you place a post-only ask at or below the best bid, your order will be cancelled instead of trading. If you place a post-only ask above the best bid, your order won’t trade but will go into the order book.
Your buy order is considered a maker order, because it didn’t fill immediately. If it is eventually filled, you will be charged a maker fee.
If you place a buy order at the same price, or at a price above any pending sell orders, and it is filled immediately, your buy order is considered a taker order. If it is filled, you will be charged a taker fee.
Similarly, the maker/taker fees also apply to sell orders. Please read more about how fees are determined on the Luno Exchange.
This is when you specify only the amount you wish to trade. The order executes immediately at the best available price in the market. In other words, the market order matches with existing orders waiting in the orderbook. A market order is always a taker order.
Stop-limit orders are similar to normal limit orders but become active once the market has reached a predefined stop or trigger price that you set. Once the trigger condition has been met, a limit order will be posted in the order book at the specified limit price.