When you set up a recurring order, you will specify a total amount of cash you want to invest, and allocate a percentage of that cash to each chosen instrument within the recurring order. You will also select the frequency and schedule of the recurring order in-app, so you are fully in control of how much and how often you wish to invest. Recurring orders can be edited, paused, and cancelled at any time in your app.
Recurring orders are placed as batch orders. These are market orders that execute from 10 AM onwards each day the market is open. (Recurring orders will process an hour later than usual: 10:15AM for EU batch orders, 11 AM for UK batch orders and 4 PM for US batch orders). If there is not enough cash in your account for the recurring order to execute, the order will automatically fail and it won’t be reattempted.
For UK shares, you’re only able to trade whole shares. For US and EU shares, you can trade fractional shares, and we leave a small FX buffer to make sure we’re able to process your trade. Once the buy is complete, any leftover cash stays in your Freetrade account.