Market orders are one of four different order types available using Wealthsimple's self-directed trading accounts. Other order types include —
How do market orders work?
A market order allows you to buy or sell a security or cryptocurrency immediately at the best available price at the time of submission. A market order is the default order type in Wealthsimple's self-directed trading accounts.
- Market buy: You place a buy order on the market, and your order gets filled as soon as possible and at the lowest available price at the time that you submit your order.
- Market sell: You place a sell order on the market, and your order gets filled as soon as possible at the highest available price at the time that you submit your order.
What to expect
- If the market is closed at the time you submit your order, the order will execute when the market opens.
- In fast-moving markets, market sell orders can execute at a significantly lower price than expected. We suggest using a limit sell with a set price if you do not wish to sell your security below a certain amount.
- Market orders on securities expire at market close if they cannot fill within the day, and cannot be extended. If you are unsure exactly why your market order was cancelled, you can try troubleshooting your cancelled order.
- Market orders on cryptocurrencies expire 24 hours after being placed if they cannot be filled and cannot be extended.