Limit order is a type of order using which you can BUY and SELL cryptocurrencies at a specific price or better. In Limit order, BUY or SELL order takes more time to execute as it will only be executed when the prices matches the specific limit price. Limit order guarantees that the order executes at a specific price or better.
For Example
On the buy side:
If the price is currently 50 Euro and you placed a limit order to buy at 55 Euro, it will immediately execute at 50Euro because this is better than 55 Euro.
On the sell side:
If the price is currently 50 Euro and you placed a limit order to sell at 46 Euro, it will immediately execute at 50 Euro because this is better than 46 Euro.
On the other hand, Stop Limit order is a combination of Stop order and limit order. In Stop Limit order you can place a BUY or SELL order by specifying a stop price and limit price. It will be executed at a specific price after the given Stop price has been reached which means once the order reaches the stop price, a limit order is automatically triggered to buy/sell at a specific target price.
For example
On the buy side:
If the price is currently 50 Euro and you placed a stop-limit order to buy at 55 Euro, it will wait until the price rises to 55 Euro before buying.
On the sell side:
If the price is currently 50 Euro and you placed a stop-limit order to sell at 46 Euro, it will wait until the price falls to 46 Euro before selling.