Compression and limiting is almost the same thing.

I limiter differs in that it has an infinite ratio, meaning nothing is allowed above the threshold level.
Therefore you can then raise your levels to this limit and any transients will be crushed, or in the case of an auto gain limiter, it will raise the level to compensate for the gain reduction.

The mix will pump if there is a hard limit over it if the kick drum is the largest signal within the mix. As the kick hits, the limiter cuts in and everything is crushed, the kick, being louder, cuts through.

Generally the infinite ratio will cause distortion, as the soundwaves going past the limit are chopped off, though with modern limiters, distortio can be avoided up to a point.

There are serveral ways to use this effect to make schranz.

One way would be to place a hard limit, or high compression over the mix, this will definitely get that pump effect, however the mix will be effected in nasty ways, the eq balance will be ruined, you`ll get audio jumps at breaks, and more complications.

A better way would be to run the channels you want to be crushed hard, into a bus with a limiter, compressor over it (sidechained to the kick drum would be even better).
This way you don`t have to crush the life out of everything, and can have the kick coming through clean, as well as say some hats and maybe percussion you want to be more punchy.

I would then place some compression (not limit) over the whole mix with a medium ratio and no more than 3db of gain reduction (this will make the whole mix pump, in a subtle way, and cleanly, to add to the overall effect).

The Key to achieving pump is tuning the attack and release of the compressor.

To start with, set the attack as fast as possible, then set the release as long as possible.
Slowly pull the release back, watching the gain reduction meter, until the meter drops back to zero just before each kick. Then fine tune around here for personal taste of the groove.
Finally pull back the attack until the kick starts to sound full again.

This is just basic advice, once you`ve got it down, experiment like hell.

For schranz you might try additional distortion, bit crushing and ring modulation for extra grit.