Available order types
You can place market orders and 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 buys and sells.
Learn more about crypto limit buys
Trading fees and limit orders
When you place a limit buy, the limit order will incorporate the trading fee based on your client tier.
Let’s say you want to place a limit buy on a particular crypto. You set a limit price of $100.00, you wish to buy $100.00 worth and the trading fee is 2%. Wealthsimple will submit the order with a limit price of $100.00 and a desired purchasing amount of $98.00. This is because the trading fee is $2.00, putting the total amount paid at $100.00.
Cancellation window
Limit orders will automatically cancel after 24 hours if your limit price is not met. You can extend this expiry period to 30 days in-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 limit sells
When you place a limit sell, the limit order will incorporate the trading fee based on your client tier.
Let’s say you want to place a limit sell on a particular crypto. You set a limit price of $100.00, you wish to sell $100.00 worth and the trading fee is 2%. Wealthsimple will submit the order with a limit price of $100.00 and a desired selling amount of $102.00. This is because the trading fee is $2.00, putting the total amount sold at $100.00.
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