<h4 id="h_01HGWBA6ZWWXA05447P8WAQGQZ"><span style="color: #434343;">What does T+2 trade settlement mean?</span></h4>
<p>The standard time for the settlement of sell trades on the U.S. exchange is T+2 days, where ‘T’ refers to the transaction date and ‘+2’ refers to two business days later. <br><br>This means the cash for executed sell orders takes two business days after the trade to be cleared into your trading account.<br><br>The settlement date for all trades is available on the trade confirmation email. You can also access a calendar of settlement amounts on the Stake platform under Buying power &gt; Funds &amp; balances. You can click on Settlements to view a list of trades due to settle.<br><br></p>
<h4 id="h_01HGWBA6ZW16AF4C1KDM8KAWMJ"><span style="color: #434343;">Can I trade on unsettled funds?</span></h4>
<p>If you feel restricted by the standard T+2 settlement, you can trade on unsettled funds as part of Stake Black, our premium membership. One of the advanced features on Stake Black Wall St is Instant Buying Power, which allows you to bypass T+2 and trade immediately after a sell, reinvesting that money in a heartbeat. Learn more about Stake Black <a href="https://hellostake.com/stake-black">here</a>.</p>
<p>Please note that you cannot withdraw unsettled funds from your USD balance.</p>

Trade settlement timeframes

<h4 id="h_01HGW49BGTQTWXN8544R84146Q"><span style="color: #434343;">How do I buy or sell shares?</span></h4>
<p>To buy shares on Stake:</p>
<ul>
<li>Log into your Stake account</li>
<li>Find the security you’re interested in</li>
<li>Select Buy</li>
<li>Select the order type, number of shares/dollar value and the desired price (if applicable)</li>
<li>Review your Buy order </li>
<li>Follow the prompts to submit your order</li>
</ul>
<p>To sell shares on Stake:</p>
<ul>
<li>Log into your Stake account</li>
<li>Find the security you wish to sell in your Holdings</li>
<li>Select Sell</li>
<li>Select the order type, number of shares/dollar value and the desired price (if applicable)</li>
<li>Review your Sell order</li>
<li>Follow the prompts to submit your order</li>
</ul>
<p>Note that, while you can place a limit or stop order at any time, the order request will only be executed if your order criteria is met. Our Broker partner has the discretion to reject certain order types.</p>

Buying & selling shares

<h3 id="h_01HGW4FXFD8777EQNEB372J37C"><span style="color: #434343;">What are the different order types I can place?</span></h3>
<p>We offer three types of orders on Stake:  </p>
<ul>
<li>Limit</li>
<li>Market </li>
<li>Stop</li>
</ul>
<h4 id="h_01HGW4FXFDHZ1BJNHFN4690G6G"><span style="color: #666666;">Limit orders</span></h4>
<p>A limit order is an order to buy or sell a whole number of shares at a specific price or better.  <br><br>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.<br><br>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. <br><br></p>
<h4 id="h_01HGW4FXFDBASDGNRA4Y3X33ED"><span style="color: #666666;">Market orders </span></h4>
<p>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.</p>
<p>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.  <br>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). <br><br></p>
<h4 id="h_01HGW4FXFD51ZMQ58ZG8TV2X0F"><span style="color: #666666;">Stop orders </span></h4>
<p>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. <br><br>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.<br><br>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.<br><br></p>
<h4 id="h_01HGW4FXFD0N8K45NK7FBQX0YK"><span style="color: #666666;">Considerations for stop orders </span></h4>
<ul>
<li>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). </li>
<li>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. </li>
</ul>
<p>Example of a sell stop order: <br>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. <br><br>Example of a sell stop order in volatile conditions: <br>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.<br><br></p>
<h3 id="h_01HGW4FXFDZYJW3W5GEKJ208H9"><span style="color: #434343;">Are there order limits?</span></h3>
<p>During market hours, Market and Limit orders have a US$1,500,000 order limit (or up to 20,000 share units) per trade.<br><br>Please note, Market orders have a US$150,000 order limit per trade with Extended Hours enabled. <br><br>Limit orders still have a US$1,500,000 order limit with Extended Hours enabled.</p>

Order types

<h3 id="h_01HGW67EPJBWDH3MN3YETSBKTB"><span style="color: #434343;">How do I know if my trade has been executed?</span></h3>
<h4 id="h_01HGW67EPJF7B06SKG8C1YCFD3"><span style="color: #666666;">Confirmations</span></h4>
<p>You’ll receive email confirmation for all executed trades. You can also access PDF confirmation receipts on the Stake platform by heading to More &gt; Trade Activity. Please note that PDF confirmations are available approximately one day after the trade date.<br><br>You may receive multiple email confirmations if your trade was: </p>
<ul>
<li>A fractional trade containing more than one whole share (e.g. 4.3432 units). In this instance, the fractional and whole share components will appear on separate emails. </li>
<li>Executed through multiple orders at different times due to market liquidity changes. This is common for larger trades. </li>
</ul>
<h4 id="h_01HGW67EPKRVSFR4NW8SR75T4N"><span style="color: #666666;">Partial Fills </span></h4>
<p>A partial fill refers to orders that were not able to be fully executed. This is likely to happen with a limit order, where a percentage of your resting order could not be executed before expiring. In this event, you will only receive a trade confirmation for the successfully executed component.  <br><br>If your limit order expires before it’s fully filled, you’ll then need to enter another order as intended for the remaining units.</p>

Trade execution

<h3 id="h_01HGW4RKGK5MZRZE7YJYQG51PF"><span style="color: #434343;">Can I amend or delete an active order?</span></h3>
<p>Managing your active orders on Stake is simple and straightforward.   <br><br>You can create orders at any time during or outside of market hours. Orders that are waiting to be executed/completed are known as active orders. In most cases, active orders can be cancelled, but there are some circumstances where that’s not possible – more on that below. For Limit and Stop orders, you can amend the price and/or the amount/shares on app, though not the expiry date. Market orders may not be able to be amended.<br><br>You can view active orders at any time on your Stake portfolio page under Active Orders. Please note that orders will show as active until they’re fully executed. If an order has been partially filled when it’s cancelled, your order will only be stopped from that point. <br><br>Stake keeps you informed of any order activity, with email notifications as soon as your order is executed, partially filled or cancelled. You can also check your recent trade activity under More &gt; Trade Activity. Trade confirmations are available approximately one day after the trade date. <br><br></p>
<h4 id="h_01HGW4RKGKW4KPAXGK4MQST532"><span style="color: #666666;">Exceptions</span></h4>
<p>Please note that, to ensure you receive the best opening price, pre-market orders are sent to executing brokers as part of the opening auction. For this reason, pre-market orders for these exchanges may not be able to be cancelled after the following times: </p>
<div>
<table style="width: 100%;">
<colgroup>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td><strong>Exchange</strong></td>
<td>
<strong>Time</strong> (EST/EDST)</td>
</tr>
<tr>
<td>Nasdaq</td>
<td>9:25am</td>
</tr>
<tr>
<td>BATS, IEX</td>
<td>9:28am</td>
</tr>
<tr>
<td>NYSE ARCA, NYSE American</td>
<td>9:29am</td>
</tr>
</tbody>
</table>
</div>
<p> </p>

Amending & deleting orders

<h3 id="h_01HGW4YB90KYFZGXHR0TYSXB5W"><span style="color: #434343;">Why was my order cancelled or rejected?</span></h3>
<p>In some circumstances, you may be unable to place an order on Stake, or your order may be cancelled or rejected after you place it. <br><br></p>
<h4 id="h_01HGW4YB903CS6K10KDR2XEZWS"><span style="color: #666666;">Cancelled or rejected orders </span></h4>
<p>Here are some common reasons orders might be cancelled or rejected: </p>
<ul>
<li>A market-wide trading halt results in missing market data for a security. </li>
<li>The security you’re trying to sell has been delisted.  </li>
<li>A limit order price is deemed too aggressive. Our U.S. partner has measures in place to identify orders that are unrealistic and unreasonable in the context of what price a security is currently trading at. Therefore, your order may be cancelled if the price of the security is significantly different to the limit price you've set. </li>
</ul>
<h4 id="h_01HGW4YB90FVE0F66JX598K2ND"><span style="color: #666666;">Corporate Actions </span></h4>
<p>Outside of the common reasons for cancelled orders, corporate action related to a particular security may also impact your ability to trade it. <br><br>These corporate actions could include the security being subject to a stock split or takeover. The underlying price may have moved significantly, which may render your order invalid.<br><br>Stake must act in accordance to the U.S. market rules in these scenarios which may result in the cancellation of an order.   <br><br></p>
<h4 id="h_01HGW4YB90BG34GNVEZGBQYSA5"><span style="color: #666666;">Invalid orders </span></h4>
<p>You’ll be unable to place an order on Stake under the following conditions:  </p>
<ul>
<li>You have insufficient funds/buying power or have pending orders that are impacting your buying power. </li>
<li>You don’t have sufficient holdings to place a sell order.  </li>
<li>You’re trying to place a limit order for a fractional amount of stock. Limit orders can only be created/executed for whole units of stock, e.g. if you hold 2.5 shares of $TSLA, you can only create a sell limit order for two $TSLA shares – the remaining 0.5 can only be sold via market order.  </li>
<li>You’re pricing a buy stop or sell stop order less than $0.05 above or below the current market price. </li>
<li>Your order is under the minimum size of US$10. </li>
</ul>
<p>If your order won’t go through or has been cancelled/rejected and none of the above explains it, please reach out to our <a href="https://hellostake.com/support/contact-us">customer support team</a> and we’ll investigate this for you.<br><br></p>
<h3 id="h_01HGW505JH1JZA6J5BGFFC5FNN"><span style="color: #434343;">Why is my order not being filled?</span></h3>
<p>While we always seek to obtain the best outcome for your order, this does not mean your order will be filled immediately. For instance, if you have a limit or stop order that has not been filled despite the share price reaching your order price, the most likely reason is the price-time priority of the order book.<br><br></p>
<h3 id="h_01HGW4YB90AMBYQCSSSKGMF4N2"><span style="color: #434343;">What happens if a security I own gets delisted?</span></h3>
<p>In some situations, you may hold a security that has been voluntarily or involuntarily delisted from an exchange and is no longer available to trade. <br><br>Delisting a security could be the result of:</p>
<ul>
<li>The underlying company ceasing operations/declaring bankruptcy </li>
<li>A corporate action such as a takeover or merger</li>
<li>A company transitioning to a private ownership</li>
<li>A company failing to meet listing requirements on an exchange </li>
</ul>
<p>If your position has been delisted, your sell orders may be rejected. In some cases the security may have moved to the OTC Markets.<br><br>Nasdaq publishes a list of Issuers that are pending delisting or suspension. This can be viewed <a href="https://listingcenter.nasdaq.com/IssuersPendingSuspensionDelisting.aspx"><span class="wysiwyg-underline" style="color: #1155cc;">here</span></a>.<br><br>If you own delisted securities and would like to know your options for selling these shares where possible, you can reach out to our customer support team <a href="https://hellostake.com/support/contact-us">here</a>.</p>

Order cancellations & rejections

<h4 id="h_01HMCPNTQDHCGMNVV67FM4XW2F">Is there a maximum trade limit on Stake?</h4>
<p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif;">On Stake, there is a $150,000 order limit for market buy and sell orders with Extended Hours toggled on. </span></p>
<p>Limit orders with the Extended Hours toggle have the same maximum limit as limit orders without the Extended Hours toggle. This limit is $1,500,000 in order size and 20,000 quantity of shares maximum per single order.</p>
<p> </p>
<h4 id="h_01HMCQBEQ4X5DSP1D1GD7MP48B">Wall St trading minimum trade amount</h4>
<p>There is a minimum trade amount of US$10 on orders.</p>

Maximum trade amount

<p>With Stake, you have the opportunity to buy a fraction of a company’s stock instead of having to pay the full amount to own one full share. While many stocks are priced in the hundreds of dollars per unit, fractional shares allow you to invest with as little as US$10.  Please note that fractional share trading has unique risks and certain limitations and fractional Shares may have different rights from full share interests in the same security.  You can read more about this <a href="https://legal.drivewealth.com/fractional-shares-disclosure"><span class="wysiwyg-underline" style="color: #1155cc;">here</span></a>.<br><br></p>
<h4 id="h_01HGW552NK97HAYDR4XPZJHT48"><span style="color: #666666;">Orders and execution</span></h4>
<p>When buying fractional shares, you set the dollar value of your investment (e.g. US$100 of TSLA). When selling, you’ll enter the number of shares you wish to sell (e.g. 4.3142 shares of TSLA). Please note that fractional shares can only be traded using Market or Stop orders. 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). <br>You can read more about different order types <a href="https://hellostake.com/blog/stake-academy/types-of-orders-limit-market-stop"><span class="wysiwyg-underline" style="color: #1155cc;">here</span></a>. <br><br>You may receive multiple confirmations if your trade contains more than one full share. For instance, if you sell 3.4563 shares of TSLA, the fractional and whole share components will appear on separate trade confirmations.  <br><br>Fractional orders are subject to the NBBO (National Best Bid Offer) regulations of the U.S. market which means you'll generally get the best possible fill for your trade at the time of execution, no matter the size of your order. <br><br>Our broker has undertaken to comply in all respects with its regulatory best execution requirements on all orders it executes for the clients, however, best execution requirements take into account a number of factors (not only the price) for example, likelihood of execution and settlement, speed of execution, costs, size, nature of the market, volatility, and liquidity.<br><br></p>
<h4 id="h_01HGW552NKHF9FXFRK3C8KPG5Z"><span style="color: #666666;">Ownership</span></h4>
<p>Fractional shares carry the same level of ownership as full shares do. Your holdings are registered and held in your name via the custodian model in the U.S. When you submit an order for less than one full share, our broker-dealer DriveWealth will purchase a whole share and designate you as the owner of your fraction. You retain beneficial rights (voting, dividends etc) as a fractional shareholder. </p>

Fractional shares

<h4 id="h_01HGWBJ7KTV4MCWG7WQGNXM5QE"><span style="color: #434343;">Are my orders executed at the best available price?</span></h4>
<p>Stake’s U.S. broker-dealer, DriveWealth will endeavour on a best-efforts basis to execute orders at the National Best Bid or Offer (NBBO) at the time of execution.  <br><br>DriveWealth has undertaken to comply in all respects with its regulatory best execution requirements on all orders it executes for you in order to obtain the best possible result, taking into account a number of factors.<br><br>This means that orders are generally executed at the best available bid price and best available offer price across all U.S. stock exchanges. Fractional orders are also subject to NBBO. </p>

How can we help?

Trade settlement timeframes

What does T+2 trade settlement mean?

Can I trade on unsettled funds?