At a suitable price, a limit order for Bybit is executed immediately. Otherwise, it goes to the general orders queue (order book). The set limits are anonymous, but their price and volume are visible to all market participants.
The order book should receive a counter order to execute the limit. The counter order price must not be less than the one set in the limit order. If it is less, the limit will be executed partially. You can remove a limit order at any time before its execution.
Advantages: the limit order is executed being not less than the set price.
Disadvantages: the execution of a limit order is not guaranteed. A limit order is passive. If there are more profitable offers on the market, it may be executed partially or not at all.
Most professional traders use only limit orders. We recommend that beginners use limits together with stop orders to reduce losses.