A Market Order is the simplest type of trade. It instructs your broker to complete the transaction as quickly as possible at the best available price. There are only two market order types - Buy and Sell.
📄 Note
Market orders are executed in accordance with our best execution policy obligations. The execution is immediate on most occasions, but sometimes it can take longer, depending on the market conditions.
- Market 'Buy' Order will execute on the best available asking price.
- Market 'Sell' Order will execute on the best available bid price.
How do I set a market Buy order?
- Select a preferred instrument and open it.
- Tap BUY.
- Select Market in the order type selector and switch between Value and Shares using the arrows.
- Enter the amount or the number of shares you wish to invest, or tap one of the amounts shown.
- Review the order and submit it for execution.
How do I set a market Sell order?
- Select an instrument from your portfolio or open it from search.
- Tap SELL.
- Select Market in the order type selector and switch between Value and Shares using the arrows.
- Enter the amount or quantity you wish to Sell, or tap one of the percentages shown: 25%, 50%, 75% or 100% of your available shares.
- Review and submit it for execution.
📄 Note
The app remembers the order type of your last submitted order separately for buying and selling. The next time you open the trade screen, that order type is pre-selected.
What are the pros and cons of Market orders?
Pros
- Speed of execution. On most occasions, these orders take seconds to execute.
- Certainty. You are much more likely to get the shares you want, but you don't have extra certainty over the price at which you will get them.
Cons
- Vulnerability to price volatility. Market orders are executed at the current market price and are susceptible to price movement. This can result in significant losses or missed opportunities in a volatile market.
💡 Example
- You have placed an order to buy shares. The price spikes and you may end up paying more than you intended.
- You want to sell your shares. The current price suddenly drops and you end up receiving less than expected.
Why was my order filled at a different price than the one I saw on the chart?
When you place an order, we provide an indicative price based on the current market data available at that time. As we execute your order, we gather quotes from multiple financial sources to ensure that you receive the best possible price.
If you place a Market Order, the last trade price will be displayed. The order will then execute at the best remaining ask/bid price once it is processed. However, there is a risk that the price at which your order executes will be greater than the displayed price.
❗️ Important
When using a Market order, there's a risk that the price may change before your order is executed. You may end up buying or selling at a higher or lower price than expected. If you want to buy or sell at a specific price, consider using a Limit order.