When you set up a recurring order, each ISIN will generate a unique reference that you add to your standing order within your banking app.
You will also select the amount and frequency of the standing order payment so you are fully in control of how much and how often you wish to invest.
When the cash from your standing order lands in your Freetrade account, a batch order will automatically be placed. Recurring orders are placed as batch orders - these are market orders that execute from 10 AM onwards each day the market is open. (usually 10 AM for UK batch orders and 3 PM for US batch orders) If your cash lands in your Freetrade account after these timings, your recurring order will be executed the next day the market is open.
For UK shares, we’re only able to execute whole shares. For US and EU shares, we leave a small FX buffer to ensure we are able to process your trade. Once the buy is complete, any leftover cash will remain on your Freetrade account.