A Basic order is the term we use for the free trades you can make on our platform.
We batch these trades together and execute them all at one time to minimise costs.
Before you place the trade, you'll see the time it'll be executed (usually 4pm) and you can cancel the trade up to 15 minutes before this time. The order will be placed at the price at that time.
These trades are and always will be free from commissions and trading 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 fulfill as much of your order as we can with your available cash.
You set an order for 6 x shares currently priced £100 at 10am. You have £900 of total cash available; £600 is queued for the buy.
At 4pm price has moved to £150 - you still receive 6 shares (£150/share) but for a cost of £900.
If you only had £600 total cash available, you would receive 4 shares at a cost of £600 (£150/share)
If the price goes down: You'll receive only as many shares as in your original order 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 £50, you receive 6 shares for £300.
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.