A limit order is an order placed on the Luno Exchange to buy or sell cryptocurrency at a specific price.
A buy order will only be executed at the limit price (or lower)
A sell order will only be executed at the limit price (or higher)
If you place a buy order at a price below all of the pending sell orders, it will be pending. You are then 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. 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.