How can we help?

What are the different order types I can place?

We offer three types of orders on Stake:  

• Limit
• Market 
• Stop

Limit orders on Stake Wall St

A limit order is an order to buy or sell a number of shares at a specific limit price. Limit orders only execute if an opposing order is priced at the limit price set by you 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.

A limit order is not guaranteed to execute. If the specified limit price is not immediately available in the market or not reached later, the limit order will not be executed. Rather, the order will remain in the market until it’s either partly or fully filled, or until it’s cancelled or expires.

There are two types of expiry instructions that can be provided: End of Day (EOD) and Good-Til-Cancelled (GTC). EOD Limit Orders will expire at the end of that trading day, if not executed prior. GTC Limit Orders (that are not cancelled or filled) are valid and remain active in market for your choice of either 30 or 90 days.

 

Market Orders on Stake Wall St

A market order is an order to buy or sell shares at the best market price available for the quantity of shares at the time the order is placed. Market orders generally prioritise successful order execution over Order Price, and are intended to execute immediately. Unlike Market Orders on Stake AUS, Stake Wall St Market Orders do not include a price limit.

Due to volatility and other factors, Market Orders are not guaranteed to execute at the better opposing price at the time you submit an order, and may not execute at all due to market conditions, including illiquidity, for example. You should monitor the status of your Market Orders. 

A Stake Wall St market order can be placed at any time, but it will only be executed when the market is open, unless you have enabled the extended hours offering in Stake Wall St. You can read more about extended hours here.

If you submit a market order for a whole share amount (i.e. 1 unit at market price), you may receive a fractional quantity that is just above or just below the whole unit share (i.e. receive 0.99 shares rather than 1 share). 

 

Are there order limits?

During market hours, Wall St Market 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. 

 

Stop Orders on Stake Wall St

Stop Orders can be used to limit losses or lock in profits when the price of a stock fluctuates.

A BUY Stop Order may be placed for a stop price above the current market price, while a SELL Stop Order – also known as Stop Loss – may be placed for a stop price below the current market price.

If the stop price is reached (or passed), Stake’s Service Partner, DriveWealth, will place a Market Order that will execute as described immediately above (under “Market Orders on Wall St”).

 

What are some considerations with Stop Orders?

Execution variability: While Stop Orders are intended to be filled at or near the best opposing price present at the time the order is placed, execution cannot be guaranteed to occur at that price level. Market conditions, liquidity and price gaps can result in executions at different prices than intended, especially during periods of high volatility. In addition, execution immediately following the market opening auction may not occur if a security opens at a price beyond the specified prices.

“False” triggers from short-term market fluctuations: In some cases, Stop Orders can be triggered by short-term market fluctuations or intraday price volatility, resulting in premature selling. This can lead to missed opportunities if the market subsequently reverses and continues in the expected direction.

To learn more about Stop Orders, you can head to our Stake Academy blog post here. 

 

General Information

Please note, that the expiry instructions provided (i.e. End of Day (EOD) and Good-Til-Cancelled (GTC)) will indicate how long an order will remain active in the market until it’s either partly or fully filled, is cancelled or has expired.

Please be aware that when investing, your capital is at risk. As investments carry risk, before making any investment decision, please consider if the investment is right for you and seek appropriate taxation and legal advice. Please refer to our website for more information.