I'm asking this question out of curiosity as a person who has never traded before.
I notice exchanges generally reward market makers while taxing takers with a fee. If everyone in an exchange chooses to avoid fees and just queue their limit orders on the order book, can the exchange match those orders? How does the exchange do this without anyone placing market orders?
From the little that I understand, those avoiding fees will place limit orders that do not coincide with existing prices on the order book to prevent instant matching, thus incurring a taker's fee.
In short, I'm curious to know, if an exchange only has market makers but zero takers, can the exchange match any orders?