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Business > Order Types

Currency Order Types

When instructing us you will need to give one of the following order types:

At Market Order
A request from you to trade at the current at market exchange rate. Requesting an at market order rate from us does not constitute a transaction between us. Only if you agree to trade at the exchange rate is a transaction in place. At market orders can be requested for amounts equal to or greater than NZD10,000, or the foreign currency equivalent.

Limit Order
An instruction by you to transact at an exchange rate not currently available. For example, if you wanted to sell AUD and buy USD at USD 0.90, but the current exchange rate was USD 0.88, you can place a limit order with us to sell AUD and buy USD when the exchange rate of USD 0.90 is available. We will then watch your order 24 hours a day until completed or cancelled by you. Limit orders can be left with us for amounts equal to or greater than NZD20,000, or the foreign currency equivalent.

Stop Loss Order
Stop loss orders are used to limit the loss in value of the currency you need to sell, if exchange rates fluctuate. For example, if you needed to sell euros (EUR) and buy USD at USD 1.4600, but the current exchange rate was USD 1.4500, you are exposed to the risk the exchange rate of USD 1.4600 may not be available, prior to your need to transact. While you wait for the rate of USD 1.4600 to become available, the EUR may fall in value from the current rate of USD 1.4500. In a situation like this, a stop loss order to sell EUR if the EUR falls to a nominated level, will limit the potential loss in value of your EUR.

Please ask a Direct FX representative to explain the mechanism whereby a stop loss order level is deemed to have been reached, triggering the completion of your order. Stop loss orders can be left with us for amounts equal to or greater than NZD50,000, or the foreign currency equivalent.

With all order types, the order amount, the currencies being bought and sold, and the prevailing market conditions, all have an influence over our ability to complete transactions.