In this article:
Overview
You can place three types of crypto orders with Wealthsimple: Market, limit, and stop-limit. Each one gives you a different level of control over the price you trade at and how quickly your order fills. Read on to learn how each order type works and what to expect once you place one.
Available order types
You can place market, limit, and stop-limit orders when purchasing or selling crypto with Wealthsimple:
- Market orders let you buy or sell crypto immediately at the best available price at the time of submission. Learn more about market orders.
- Limit orders let you buy or sell crypto at a specific limit price or better. Crypto limit orders will differ from standard limit orders due to the difference between the buying and selling prices. Continue below to learn more about crypto limit orders.
- Stop-limit orders let you set a stop price that triggers a limit order once your stop price is reached. Continue below to learn more about crypto stop-limit orders.
How these order types compare
A market order and a limit order are both active as soon as you place them; there's no trigger involved. A stop-limit order waits until the market reaches a stop price you set, and then becomes a limit order at your limit price. For the stocks, ETFs, and options version of these order types, see Understanding limit orders.
| Order type | Waits for a stop price? | Prices you set | What happens once it starts | What you're trading off |
|---|---|---|---|---|
| Market | No | None, you get the best available price | Nothing to trigger, so it's live immediately | Fill speed over price certainty |
| Limit | No | Limit price only | Nothing to trigger, so it's live immediately | Price certainty over fill certainty |
| Stop-limit | Yes | Stop price and limit price | Becomes a limit order at your limit price | Price certainty over fill certainty |
Keep reading for the full details on each order type.
Learn more about crypto limit orders
Trading fees and limit orders
When you place a limit buy or a limit sell, the limit order will incorporate Wealthsimple's trading fee, which depends on your Active Trader status and 30-day trading volume. Limit orders aren't charged a spread. Learn more in What crypto buy and sell prices include.
Cancellation window
Limit orders will automatically cancel after 24 hours if your limit price isn't met. You can extend this expiry period to 90 days in the Wealthsimple app.
If you can't place a limit order
You may be unable to place a limit order on crypto if your limit price is too far from the current market price. In this case, we recommend setting up a price alert instead.
Learn more about crypto stop-limit orders
A stop-limit order lets you set a stop price that, once reached, triggers a limit order at a limit price you choose. Stop-limit orders are available for custodial crypto trading only. They don't apply to self-custody or decentralized exchange (DEX) trading.
Setting up a stop-limit order
- You can enter either a quantity (for example, 0.5 BTC) or a dollar amount (for example, $100) when you place a stop-limit order.
- You choose an expiry when you place your order. If your stop price isn't reached before the expiry, your order expires automatically.
- You can edit your stop price and your limit price after placing your order, but you can't change the quantity once your order is submitted.
- Partial fills aren't supported, so your order either fills in full or doesn't fill at all.
- Your order shows as Pending in your activity while it waits for your stop price. It updates to Completed, Cancelled, or Expired once it resolves.
Frequently asked questions
Can I place a stop-limit order in any crypto account?
Stop-limit orders are available for custodial crypto trading. They aren't available for self-custody or DEX trading.
Can I cancel or edit a stop-limit order after I place it?
Yes. You can cancel a pending stop-limit order from the order details screen in the Wealthsimple app. You can also edit your stop price and your limit price, but you can't change the quantity once your order is submitted.
Can I use dollars instead of a quantity when I place a stop-limit order?
Yes. You can enter either a quantity or a dollar amount.
How do I know if my stop-limit order has triggered?
Your order shows as Pending in your activity from the moment you submit it, including while it waits for your stop price. Once it triggers and fills, it updates to Completed. If it's cancelled or reaches its expiry first, it shows as Cancelled or Expired.
Can I place a stop-market order for crypto?
Not yet. Stop-market orders aren't available for crypto trading at this time, and stop-limit is the only stop order type we support for crypto.
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