This guide is intended to help you understand the different types of orders available in Wealthsimple Crypto – and when to use them.
Wealthsimple Crypto currently supports two different order types –
To learn about what the buy and sell price includes, check out this article.
Market orders let you buy or sell crypto immediately at the best available price at the time of submission. The order will be submitted for execution right away and will fill at the best available price contingent on the liquidity at each price level. Our executing brokers are obligated by law to give you the best available price.
Limit orders let you buy or sell a crypto at a specific limit price or better. A limit order gets executed when there is sufficient trading volume for your order at your price level to match with another order in the market.
Limit orders are not guaranteed to fill. If the crypto price does not meet your limit price, the order will not execute and will expire 24 hours from the time the order is placed or until you cancel it.
An example limit buy order
A limit buy is designed to execute at the limit price you selected or lower. For example, say you want to buy crypto that has a current price of $250 but you only want to buy it if the price drops below $200. You can set a limit price of $200 and the order will only execute if and when the market price is at or below $200.
An example limit sell order
A limit sell is designed to execute at the limit price you selected or higher. You should think of your limit price as the lowest value you wish your order to be filled at. For example, say you want to sell crypto 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.
- Why am I getting an error on my limit order?
Limit orders that are too far from the quoted price may be rejected. For example, if you place an order to buy crypto at $1, but it's currently trading at $100, it may be rejected.
These rejections ensure that orders execute quickly during periods of exceptionally high trading volume. Limit orders that are very far from the quoted price won't be accepted and posted to market.
If your order is being rejected, please try again with an order price that's closer to the current market price.