Order types - automatically buy or sell at a certain price

Q: Entering your limit, stop loss or fill or kill price

For UK shares (which are listed in sterling), enter your price in pence. For example, enter a limit price of £1.23 as 123. For international shares (listed in a currency other than sterling) enter your price with a decimal point. For example: Enter a limit price of $12.30 as 12.30. Enter a limit price of $1.95 as 1.95. Enter a limit price of €0.83 as 0.83. Limit order prices are restricted to a certain percentage of the current market price . The default percentage rule is that your limit price must be within 25% off the current price of the investment. For example: if a share’s current price is 100 pence, the limit price for sell orders cannot be over 125 pence. For buy orders, the limit price cannot be less than 75 pence.

Q: Executing international limit orders

When you trade on international markets, we may not always be able to execute your entire order. Instead, you may get multiple ‘fills’ for your order. For example, if you place an order to buy 100 shares, you could get a ‘fill’ of 50 shares only. This would mean you would end up buying 50 shares. Another possibility is that you could get a ‘fill’ of 50 shares and two more ‘fills’ of 25 shares. This would mean you have bought your entire order of 100 shares in three separate stages. If your limit order is executed by multiple fills on separate days, a trade is charged per day for each day that 'fills' are received.

Order types allow you to give instructions for how you want your trade to be settled.

You can trade at the current market price, or you can ask us to trade for you when prices reach a certain level.

For example, you could set a price at which you wish to sell specific shares. If the price is reached, your shares are sold. If not, the trade is cancelled.

To choose your order type when placing a trade, click on the On/Off More trade options icon.

Then select:

Market

A standard trade. Buy or sell at the best current price.

Market orders give an immediate quote. This price remains valid for 15 seconds, during which you can confirm the trade.

If the market is closed, buy or sell at the best price when the market opens.

Limit

Buy or sell shares when they reach a certain price.

Enter your chosen price next to Limit Price.

When buying, your shares will be purchased automatically when the share price drops to your limit price.

When selling, your shares will be sold automatically when the share price reaches your price limit.

Enter the duration of how long to keep your limit order in place.

You set a time limit for how long the order remains valid. This can be up to 90 days for UK and North American shares, 25 days for European shares and day only orders for Asian exchanges.

If your limit price is not reached, or it is not possible to buy or sell the full number of shares at that price, the trade is cancelled.

Fill or kill

Place an order to buy or sell at a certain price. If the price is available, the order will be executed (‘filled’). If your price cannot be met, your order will be cancelled (‘killed’).

Enter your chosen price next to Limit Price.

Unlike limit orders, you cannot set a time limit for fill or kill orders. If the market is open, fill or kill orders are reviewed immediately. If the market is closed, the trade will be ‘filled’ or ‘killed’ in the next market session – depending on the available price.

Fill or kill orders are only available on the UK exchange.

Stop loss

Sell shares when the price drops to a certain price.

Enter your chosen price next to Limit Price.
Enter the duration of how long to keep your stop loss order in place.

Your shares will sell automatically if the limit price is reached.

Please be aware that the price may be considerably lower than the stop loss limit if the shares drop in price dramatically. This is because once your stop loss price is triggered the order becomes a 'market' order.

Entering your limit, stop loss or fill or kill price

Executing international limit orders

Important information

We do not offer a guaranteed price function which means that the price you request for a limit or stop loss order may not be the price you receive. When the share price reaches your target price, your order is triggered and will be actioned in 'fair and due turn'. This means that the share is dealt as soon as possible at the best price that can be obtained after the trigger price is hit. In addition, market volatility can substantially influence the price we achieve for your order.
It is not always possible to execute an order type at your specified price. This can depend on the variables of the instruction. For example, if a share price is particularly volatile, we may be unable to complete your instruction.
If you want to set up an Order Type, you need to have sufficient funds to cover the cost of any purchases before you set up the order type. If you have insufficient funds, your order type may be cancelled.
Order Types can only be placed on eligible UK quoted equities, so overseas stocks and funds are not eligible.