Can I place market orders?
An foreign exchange order is an instruction given by a client to their financial institution to buy or sell a currency at a specified exchange rate or under certain market conditions. An order is conditional, unlike an immediate transaction: It will only be executed if the specified conditions are met on the market
Key Features
- No execution guarantee: An order may never be executed if market conditions do not reach the defined parameters (for example, a target rate).
- Automatic execution: If the conditions are met, the order is automatically executed, and a foreign exchange contract is concluded according to the terms and conditions specified in the order (amount, currency, rate, maturity, etc.).
Modifying or Cancelling an Order
- You may modify or cancel an order between 7:30 a.m. and 5:00 p.m., Monday to Friday (ET).
- Outside of these hours, an active order may be executed at any time, depending on market movements.
- If you place an order during the day and wish to cancel it after 5:00 p.m., be aware that the order could be executed before the cancellation is processed.
If in doubt, it is recommended that you contact your foreign exchange trader to avoid any unintended execution.
