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What are the different order types I can place?

We offer three types of orders on Stake:  

• Limit
• Market 
• Stop

Limit orders

A limit order is an order to buy or sell a whole number of shares at a specific price or better.  

A buy limit order can only be executed at the limit price or lower. A sell limit order can only be executed at the limit price or higher. This means that a limit order is not always guaranteed to execute. It will remain pending in the market until it’s either filled, cancelled, or expires.

With limit orders, you have the ability to choose when the order will expire: End of Day (EOD) or Good-Til-Cancelled (GTC). EOD limit orders will expire at the end of that trading day, while GTC orders are valid for 30 or 90 days from placement – unless you cancel it. 

Market orders 

A market order is an order to buy or sell shares at the next best price. Generally, this type of order will be executed immediately or as soon as it becomes marketable.

Unlike limit orders, the market order will be filled rather quickly at wherever the current price of that security is at. A market order on Stake can be placed at any time, but it will only be executed when the market is open, unless extended hours is enabled.  
If you submit a market order for a whole share i.e. 1 unit at market, you may receive a fractional quantity that is just above or just below the whole unit share (e.g. receive 0.99 share rather than 1 share). 

Stop orders 

A buy stop order is entered at a stop price above the current market price, while a sell stop order – also known as stop loss – is entered at a stop price below the current market price. Stop orders can be used to limit losses or lock in profits when the price of a stock fluctuates downwards. 

At this point, the order is converted to a market-to-limit order and will be executed in accordance with our broker dealer’s best interest and order execution policy.  Our broker dealer has undertaken to comply in all respects with its regulatory best execution requirements on all orders it executes for you.

Even if your stop price is triggered, there is no guarantee that your remaining market (market-to-limit) order can be successfully placed with the broker, that it will be filled at the requested trigger price, or that it will be filled at all. After a market-to-limit order is sent, it gets converted to a limit order: a limit price is placed a certain % deviation away from the current market price. This limit price is set as better than the market, so as to have the best possibility of being immediately filled.

Considerations for stop orders 

• All stop orders remain active for the day, 30 days, or 90 days (depending on the expiry you’ve set) until they are executed, cancelled, or expire. The stop price needs to be at least $0.05 below (for sells) or above (for buys) the current market bid or offer (respectively). 
• Unlike limit orders, stop orders don’t guarantee the price of a buy or sell. When triggered, they’re converted to a market order, and in fast-moving conditions the executed order may be significantly different to the set stop price. Our broker dealer has undertaken to comply in all respects with its regulatory best execution requirements on all orders it executes for you, however in some instances the best available price could be notably higher/lower. 

Example of a sell stop order: 
John has some $TSLA shares he’d like to sell if the price drops below US$200. He places a stop sell order on Sunday for US$200. The stock continues trading above US$200 until Friday’s trading session, when it drops to US$200. A market order is immediately triggered and the shares are sold. John exits the position at US$199.99, the next best available price. 

Example of a sell stop order in volatile conditions: 
John has some $TSLA shares he’d like to sell if the price drops below US$200. John sets his sell stop price at US$200. $TSLA releases disappointing corporate news, which results in the stock plummeting. John’s sell stop triggers as the price was falling rapidly. John exits the position at US$170, the next best available price.

Are there order limits?

During market hours, Market and Limit orders have a US$1,500,000 order limit (or up to 20,000 share units) per trade.

Please note, Market orders have a US$150,000 order limit per trade with Extended Hours enabled. 

Limit orders still have a US$1,500,000 order limit with Extended Hours enabled.