Limit Order, LMT (Limit Order) - with this order you specify the maximum price at which you are ready to buy, or the minimum price at which you are ready to sell the selected asset. The price for a limit purchase order should be below the market price, and for sale - higher, otherwise the order will be executed at the market price.
Market Order (market order) means that you are ready to buy or sell at the current bid price or demand existing on the market.
How to cancel order?
It is very easy to cancel a created order. In the Exchange and tradinh section of the site, there are My orders, opposite each order you can see the Cancel. If you click on it, then this order will be canceled, we draw your attention that you can only cancel the limit order.