Hey, I can explain it, if you like
Limited Orders are specified by the amount of Bitcoins to be sold/bought and the limit that you are willing to sell/buy for at least/at most. So you place a sell order, "SELL 1 Bitcoin for 900€."
Only if someone would bid 900€ for your Bitcoin, the orders would be matched and the trade executed. It is possible that it takes 2 months until someone is bidding 900€ for 1 Bitcoin, the order would have to wait 2 months then in order to be executed.
Execute best (or unlimited) orders are only specified by the amount of Bitcoins to be sold/bought. You will then get the best price available on the market. You place a buy order, "BUY 1 Bitcoin"
This means that you will get the cheapest 1 Bitcoin on the market. Also, this will be done almost instantly, as long as open orders are on the market.
We have also some other features in our order matching engine, this limited/unlimited stuff is pretty basic. What's not basic is the opportunity to place as much orders as possible, if the needed balance is not available, the order will be "paused". When the balance is available and a matching order counterpart is found, the order will be matched and executed. This allows you to trigger whole "Buy and sell Chains", but also opens a new risk: "the automated money burning machine."
This happens when you have two orders that - in combination - result in a sure financial loss. For example, you have an old paused order "Buy 10000 Bitcoins for 700€/BTC", the order is paused because you have no Euro Balance. Then you add another order, which is "sell 10000 Bitcoins for 650€". This order could be executed (you have Bitcoins Balance, matching orders can be found) but would kill 50€ + transaction fees per Bitcoin (700 Buy, 650 Sell). We implemented a plausability check that is supposed to protect our participants from burning money by placing contradicting orders.
Edit:
Signed up, but have not received the confirmation email. I guess it will come soon. Great idea!
Did u receive the confirmation mail? If not, just give me a shout, "I'm helping"