A limit order sets the maximum or minimum price at which you are willing to buy or sell, and it will only be executed when the market price matches your order price (or better). As a result, you may able to buy or sell at a price that is better than the current market price by using limit order.

When you are not in rush executing your order, you may consider using limit order. Unlike market order, limit order won't be executed immediately, so you need to wait until your order being matched by the market. Your orders may be treated as the support or resistance level when being displayed on the order book. Thus you can consider to divide your order.

Limit orders will be executed based on time being placed and price. Orders with a price closer to the market price will be placed upper at the order book. If there are several orders having the same price, they will be executed based on time placed.

Market orders are transactions meant to execute as quickly as possible at the present or market price. It will take the current liquidity that provided by the limit orders on the order book.

Unlike Limit orders, Market Orders will be executed immediately and you need to pay for the Taker Fee.

When you need to have your orders filled immediately regardless of the price.