What is the difference between a Market and Limit order?

Market orders

Market orders will go into the market to execute at the best available price, however the execution and the price is not guaranteed. Market orders cannot be accepted outside of market hours or when trading in a particular stock is halted or suspended.

Limit orders

Limit orders allow you to set a maximum purchase price for your buy order, or a minimum sale price for your sell orders. If the market doesn't reach your limit price, your order will not be executed.

You can place an 'At Limit' order during market hours. You can also place an 'At Limit' order when the market is closed and it will be queued ready for processing when the market opens.

Please note that an 'At Limit' order will not be accepted, without any advice to you, if we consider the limit price to be too far away from the prevailing market price of that stock.

All orders must be submitted either 'At Market' or 'At Limit'. Limit orders can be amended or cancelled provided the order has not already been executed. Market orders cannot be amended or cancelled online during market hours, alternatively you can Contact Us for assistance.

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