Currently, Wealthsimple Trade supports market orders, limit orders only and stop-limit orders only

Market Orders - Are orders to buy or sell a stock immediately at the best available price.

All "Market Buy" orders are actually submitted as "Limit Buy" orders with a 5% collar added on top of the price to protect you from adverse price changes and to prevent your account from going into overdraft. This ensures the order functions as a "Market Buy" order but offers added protection in case the price increases dramatically. 

For example, if you submit a "Market Buy" order to purchase a stock that has a price of $100, we will submit this as a "Limit Buy" order with a limit price of $105. This means that your order will only get executed if the market price is $105 or less. If the market price is higher than $105, the order will remain open until the price falls below $105. 

Our executing brokers are obligated by law to give you the best available price so this will not result in you paying more for a stock than the price on the market. 

Market Sell orders do not have a collar and will always be executed at the best available price, regardless of how the price may have changed.

Limit Orders - Are orders to buy or sell a stock at a specific price or better. If you are buying a stock, you can choose the highest price you're willing to pay and your order will only execute if the market price is at or below that price. If you are selling a stock, you can choose the lowest price at which you're willing to sell and your order will only execute if the market price is at or above that price. Limit orders are not guaranteed to fill (i.e. if the stock price does not meet your limit price, the order will not execute and will expire at the end of day or until you cancel it). 

Limit Buy: For example, say you want to buy a stock that has a current price of $100 but you only want to buy it if the price drops below $95. You can set a limit price of $95 and the order will only execute if and when the market price is at or below $95.

Limit Sell: For example, say you want to sell a stock that has a price of $100 but you only want to sell it if the price goes above $105. You can set a limit price of $105 and the order will only execute if and when the market price is at or above $105.

Note: All orders are any-part orders by default, which means that if an order can only be partially filled for the volume specified, it will execute that portion of the order. 

Stop Limit Orders: An order that combines a stop with a limit order which allows you to specify a price for the stock (the stop price) where once the price of the stock reaches this stop price, your order is converted into either a buy or sell limit order.

Stop Limit Buy Example: ABC is currently trading at $100 but you think it’s going to be increasing and want to buy once the price starts moving upwards. You place a stop-limit buy order for 1 share of ABC and set the stop price at $110 and the limit price at $115. If the price of ABC reaches $110, your order will automatically be converted into a limit order with a limit price of $115. If the stop price is lower than the current price, the limit order will trigger right away (if CAD) or be rejected by our executing (if USD).

At the moment, all Canadian buy stop-limit orders must be submitted with the stop and limit price as the same value.

Note: The NEO exchange cannot accept on-stop orders - limit and market only!

Stop Limit Sell Example: ABC is currently trading at $100 but if the price starts to slip too much, you want to sell it at a specific price to protect your capital. You place a stop-limit sell order for 1 share of ABC and set the stop price at $90 and the limit price at $85. If the price of ABC reaches $90, your order will automatically be converted into a limit order with a limit price of $85. If the stop price is higher than the current price, the limit order will trigger right away (if CAD) or be rejected by our executing (if USD).

At the moment, all Canadian sell stop-limit orders must be submitted with the stop and limit price as the same value.

Supported stop-limit orders:

• CAD Buy:
• Stop price is higher than market price
• Stop price is lower than market price
• CAD Sell:
• Stop price is higher than market price
• Stop price is lower than market price
• USD Buy:
• Stop price is higher than market price
• USD Sell:
• Stop price is lower than market price