# Order Types

## Conventional Orders

### Limit Order

A limit order is **an order to buy or sell with a restriction on the maximum price to be paid or the minimum price to be received** (the “limit price”). If the order is filled, it will only be at the specified limit price or better.

### Market

A market order is an instruction to buy or sell **immediately at the current** price.

## Algo Orders

### Stop Market

A stop market order is **an order to buy or sell if the market price** hits a set value. It is a type of stop-loss order that is meant to limit the amount of money you can lose on a single trade.

### Reduce Only

Reduce-only orders **allow traders to execute buy or sell orders which only reduce a current position**, as opposed to opening an opposite long or short worth more than the existing value of your assets, letting you trade without the risk of over-exposing your positions.

### Post Only

Post-only Mode means that **Traders can only place an Order if it would be posted to the Order Book as** a Maker Order. An Order which would be posted as a Taker Order will be rejected. No Market Orders may be placed and no Orders will be filled. Resting orders may be cancelled in post-only mode.

### Market Only

Market-only Mode means that **Traders place an order to the Order Book as** a Market Order. Regardless of what price it has been submitted at.