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A limit order buys at your limit price or lower, or sells at your limit price or higher. It can fill immediately if that price matches an existing order. Its time-in-force determines what happens to any unfilled amount. Use a limit order when the execution price matters more than being filled immediately.
Limit order form with price, amount, TIF selector, Reduce Only and TP/SL toggles

BTC limit order form. The TIF dropdown sits next to Reduce Only.

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Time-in-force (TIF)

Every limit order on Pacifica uses one of the following TIF options.
  • Good-Til-Cancelled (GTC): The order remains active on the order book until it is either filled or cancelled.
  • Immediate-or-Cancel (IOC): The order attempts to match immediately at the specified price (or better). Any portion that is not filled immediately is cancelled.
  • Add-Liquidity-Only (ALO): Also known as “Post Only”. The order is added to the order book only if it does not immediately match against an existing order. If it would cross, it is cancelled.
  • Top-of-Book (TOB): An ALO order that would cross the book is placed at the best possible maker price instead of being cancelled. For a buy, that is the lowest ask minus one tick. For a sell, it is the highest bid plus one tick.