Limit order

Because a limit order sits on the book waiting to be matched instead of taking existing liquidity, it's usually classified as a maker order — and many exchanges reward that by charging a lower maker fee than the taker fee charged on market orders.

For example, placing a limit buy at $59,000 while the market price is $60,000 means the order simply waits; if price never drops to $59,000, it never fills. If it does fill, it might be charged a 0.02% maker fee instead of a 0.05% taker fee — a real difference on larger trades.

A common mistake is setting the limit price too far from the market in an attempt to get a better deal, and then missing a move entirely because the price never came back to that level.