What is a Limit Order?
A limit order (or pending order) is an order placed in the system aimed to execute a position once your selected target rate is reached.
An order will be executed if the current market rate of an instrument reaches the selected target rate and it can be executed within a range of this rate depending on market movements and volatility.
This type of order will stay open until it is executed or you decide to close it.
To open an order, choose an instrument and bring up the Trade window.
When the market you wish to invest in is open, the default option is to open a trade, not an order.
If you wish to open a limit order and choose the rate at which it will execute, click on TRADE and then select Order from the drop-down menu:
When the market you wish to invest in is closed, which may be during the weekends or other daily market breaks, the default option is to open a market order. Placing a market order means that the trade will be executed at the first available rate when the market opens.
If you wish to open a limit order and choose the rate at which it will execute, click on RATE:
You then have the option to choose:
- Whether you wish the order to execute into a SELL position or a BUY position.
- The rate at which you wish the order to execute into a position. Please bear in mind that during volatile periods in the market, a limit order may be executed close to your target rate. Orders are not guaranteed: during periods of extreme volatility, the market range may be skipped and the order will not execute. For more information, please click here or see our Terms and Conditions, section 1.18.
- The amount in USD (or units) you wish to invest in the position.
- Your preferred Stop Loss, Leverage and Take Profit.
Once you click on "Set Order", the allocated amount will not be available for trading, since the order amount will be considered as “reserved” equity, unless you cancel the order.
For more details regarding orders, please click here.