A Basic order is the term we use for the free trades you can make on our platform.
We batch these orders together and execute them all at one time to minimise costs.
Before you place the order, you'll see the time it'll be executed (usually 4pm) and you can cancel at any point before this. The order will be placed at the market price at 4pm.
These orders are and always will be free from commissions and fees for all members. You can use Basic orders to invest in all the securities in our universe.
Additional taxes like Stamp Duty may apply.
Price movements and Basic orders
You can set a pending Basic order at any time during the day, but the price is likely to move between then and the execution time (i.e. 4pm).
When you set a Basic buy order
We queue some cash against that order based on the price at the time.
If the price goes up: We’ll fulfil as much of your order as we can with your available cash.
You set an order for £600 of a stock with a market price of £100/share at 10am. You have an estimate of 6 shares. £600 of your cash is queued for an order of 6 shares.
By 4pm the price has moved to £105/share.
If you have enough available cash, you'll now purchase 6 shares at a cost of £105/share: £630.
If you don't have any extra available cash, you'll get fewer shares.
If the price goes down: You'll receive as many shares as you specified in your original order but for a lower price.
You set an order for 6 x shares at £100 at 10am. You have £600 of available cash.
At 4pm price has moved to £90, you receive 6 shares for £540.
When you set a Basic sell order:
If the price goes up: You'll sell the same amount of shares and receive more cash.
If the price goes down: you'll sell the same amount of shares and receive less cash.