Market If Touched is a conditional order that will trigger a market order when a tradable asset reaches a specified price. It is used to buy when a price is falling or sell when a price is rising. It is similar to a stop order (an order that converts into a market order) but acts inversely, as it will allow traders to buy an asset when its price decreases (whereas a stop loss order would be selling)
Pros: Certainty of fast and full execution and not visible on the market (by other traders) until triggered.
Cons: Price not warranted (floating execution price) and order can take time to fulfill.
MIT orders usually pay taker fees.