A limit order guarantees that an order is filled at a specified price level. However, there is no guarantee that it would get executed. Additionally, a limit order only allows for the whole quantity of shares to be bought or sold.A Market if Touched (MIT) order, on the other hand, has a higher chance of execution as the order initiates once the specified price is reached and gets executed at the next available price. This order, however, does not guarantee a price. It can also be considered an ideal alternative to limit order where it provides the flexibility of fractional trade to the investors.