Syfe offers two order types for buying Australian shares: Market Orders (Market to Limit Orders) and Limit Orders.
Market to Limit Orders (Market Orders):
A market order is an order to buy or sell a security at the market price, which is the best available price at the time of order execution. Unlike in the US, the ASX does not have true "market" orders. Instead, "market" orders on the Syfe platform are converted to "market to limit" orders. This means that after a market order is submitted, a limit price is placed a certain percentage deviation away from the current market price.
The limit price is placed at a better price than the market to increase the likelihood of an immediate fill. Syfe supports market orders by quantity, so you can purchase as many shares as you want for a given stock. Note that for the first 1000 stocks, you can buy shares in quantities of 1, while other stocks and ETFs may require a minimum purchase of $500.
There may we instances where your market order might not get filled, you may find more information here.
A limit order is an order type that allows you to buy or sell a specified number of shares at a set price. When submitting a limit order, you can choose to "set time in market" by selecting one of two options:
- GTD (Good till day) Limit Orders: Expires at the end of the trading day
- GTC (Good till canceled) Limit Orders: Expires after 30 days or until manually canceled.