EasyEquities allows you to place different types of orders when buying and selling on the App or Web Platform on the top 100 SA shares and ETFs and all the USD and AUD shares. The order options are provided to you when you do a transaction, whether buying or selling. You have displayed a 15 minute delayed price (unless a price update is requested) but your order execution will always take place at the live market price.
Why would you want to change your order type?
Investors have different needs or objectives when it comes to investing. You may simply just want to tap/click buy or sell and have your transaction go through immediately or you may have made a calculated decision on an exact price you would like to pay or receive for your shares and would like your specified price or a better price. There's no right or wrong answer to which is the better option and you will need to consider your own objectives when placing your order with the different order types.
The different order types are:
This is your account default and means that when you place an order it will be filled at the current live Buying At or Selling At in the market at the time of your transaction. You'd use this option if you're happy to pay the current market price when doing your order and want your order to take place immediately.
Example:
Share A is now trading at R10.00 but you anticipate that the price might drop to R9.50 at which point you would be prepared to buy the share. You would set R9.50 as your limit order and the transaction would only go off once the share reaches that price (ASK PRICE).
NB
Limit orders are a sophisticated way of entering the market at a logical desired price point. In the case where an unrealistic limit order is set, there is no guarantee that the price will be reached at any given time, triggering your order.
Example:
Share B is now trading at R10.00 but you only want to buy this share when it breaches a higher price. You would set R10.50 as your Break Order price and the transaction would only trigger once the share's Buying At (ASK) price reaches your specified price.
NB
Limit orders are a sophisticated way of entering the market at a logical desired price point. In the case where an unrealistic limit order is set, there is no guarantee that the price will be reached.
Some important points to consider:
- The cost for transacting when placing orders is set at 0.35% (excluding market orders) for an Order Admin fee over and above your usual 0.25% brokerage fee.
- You can only place one order each way (Buy / Sell) per share.
- You cannot manually sell an instrument if you already have set up a break/limit order. You would need to cancel your order first before manual sell can be performed.
- Select Pending Order, where you have two options:
- Cancel – this will cancel the order completely
- Cancel/Update – this will allow you to update your trade ticket