We currently offer 4 order types: market orders (in dollars), market orders (in shares), limit orders, and stop orders.
Market orders (in dollars): This allows you to instantly buy or sell a stock at the current market price by entering a minimum dollar value of US$1. It is available for the US, Hong Kong*, and Singapore markets. Please note that Market orders (in dollars) the Hong Kong market are automatically converted to ELO (Enhanced Liquidity Orders) with a 2% buffer to facilitate execution. However, it's important to note that there is a high probability that Market orders (in dollars) in the Hong Kong market might not be executed even with a 2% buffer.
Market orders (in shares): This allows you to buy or sell a stock immediately at the market price by entering a specific quantity of shares. This is available for the US and Singapore markets.
Limit orders: This allows you to buy or sell a stock at a specific limit price you want. The order will be executed at the limit price or better. Please note that limit orders are not guaranteed to fill. If the stock price does not meet your limit price, your limit order will not be executed. This is available for the US, Hong Kong* and Singapore markets.
Stop orders: This allows you to buy or sell a stock at the market price once the stock is traded at or has reached the stop price. Once the stop price is reached, the order will become a market order and will be executed at the next available market price. Please note that if the stock price does not reach the stop price, the stop order will not be executed. This is only available for the US market.
*Hong Kong order type: As HKEX does not support market and limit orders, all orders are converted to an Enhance Limit Order (ELO) before submission to HKEX. An ELO will allow matching of up to 10 price queues (i.e. the best price queue and up to the 10th queue at 9 spreads away) at a time provided that the traded price is not worse than the input price. The sell order input price cannot be made at a price of 10 spreads (or more) below the current bid price whereas the buy order input price cannot be made at a price of 10 spreads (or more) above the current ask price. Please refer to the HKEX website for more details.
Syfe does not support At-auction Orders (ALO) for HKEX.
What is the difference between market orders in dollars and market orders in shares?
Market orders in dollars allow you to place market orders by specifying the value of the trade in USD while market orders in shares allow you to place market orders by specifying the number of shares you want to buy.