A limit order is an order to buy or sell a stock at a specific price or better. A limit order is a type of order to purchase or sell a security at a specified price or better. When you place a limit order or stop order, you tell your broker you don't want the market price (the current price at which a stock is trading);. An order is an instruction to buy or sell on a trading venue such as a stock market, bond market, commodity market, financial derivative market or cryptocurrency exchange. Limit order is a type of order where one wishes to buy or sell scrip (stock/ index) at certain price. A limit order is an order to buy or sell a security at a specific price or better.