# Limit Order
What is a Limit Order? A limit order is an order to buy or sell securities at a specific or more favorable price. If the market price doesn't match the specified price, the order won't be executed until the market price reaches the specified level. A limit order can be executed fully or partially. In the case of partial execution, only the portion that matches the counter-offer in terms of price and volume will be executed.\ \ ![](https://2114663421-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FK6XhXi6a2IHN3LW0c8Af%2Fuploads%2FYV7ONFKpEdFg0xubBhqm%2FScreenshot%202024-10-16%20at%201.05.14%E2%80%AFPM.png?alt=media\&token=810bef40-747f-42d0-ab64-92e053138336)
How to open a Limit Order 1. **Connect Wallet and Mint Tokens** * Ensure you have connected your wallet and minted the necessary tokens. If not, please refer to the sections on [downloading and connecting a wallet](https://docs.v12.trade/trade/getting-started-as-a-trader/wallet-setup), and [minting test assets](https://docs.v12.trade/trade/getting-started-as-a-trader/deposit-assets-using-testnet-faucet). 2. **Choose the Market** * Select the market where you want to exchange your tokens. For example, BTC-USDC, as shown in the screenshot. 3. **Select Order Type** * Choose the type of order you want to create. In this tutorial, we will be using a **Limit Order**. Ensure that the "Limit" option is selected from the order type dropdown. 4. **Decide to Buy or Sell** * Decide whether you want to buy or sell the base token. This can be done using the buy/sell switcher on the right side of the interface. Select "Buy" if you want to purchase the base token, or "Sell" if you want to sell it. 5. **Specify the Amount** * Enter the amount of the base token you wish to exchange. You can manually input the amount or use the **MAX** button for a quick fill of the maximum available amount. Alternatively, you can use the slider to specify a percentage of your available funds. * **Important:** If you are providing ETH, ensure you leave enough for the transaction cost. 6. **Review Order Details** * Check the order details, including the order size, price, and total amount. Make sure everything is correct before proceeding. 7. **Sign and Send Transaction** * After reviewing your order, sign the transaction using your connected wallet and send it to the blockchain. 8. **Order Confirmation** * Once the transaction is successfully processed, your order will be created and displayed in the order book.
Types of Limit Orders 1. **Good Till Cancelled (GTC):** A limit order that remains active until executed or canceled. Often supported by API for long-term position holding. 2. **Immediate or Cancel (IOC):** A limit order that must be executed immediately and fully or partially. The unfilled portion is canceled. Currently available via the SDK. 3. **Fill or Kill (FOK):** A limit order that must be executed fully and immediately. If not possible, the order is fully canceled. Currently available via the SDK.
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