All market standard order types are available, i.e. Market, Limit and Stops including 'No Slip' Stop, Stop If Bid, Stop if Offered with Trailing Stop support.
Trailing Stops, where the Stop level moves in line with the market price, are supported for all three Stop order types.
All Stop and Limit orders can be placed as either:
- Day Order – automatically expires at the end of the giving business day (i.e. at 17:00 EST - New York Eastern Standard Time).
- Good till Cancelled (GTC) – order stays open until cancelled or when filled.
- Good till Date (GTD) – order automatically expires at the end of a selected business day.
Free 'No-Slip' Stop orders
'No slip' Stop orders are available on major currency pairs for FREE, in amounts of up to 3 million of base currency and if placed a specific distance away from the current market price. Also see under ' Free 'No-Slip' Stop Orders' below.
In order to ensure that stop orders (all stop order types) are not filled at unreliable prices during periods of abnormally wide bid/ask spreads (for example, following the release of key economic figures) Saxo Bank has implemented spread filters. These filters prevent order execution when spreads exceed certain levels. In general, having the spread filters in place benefits clients, but in rare instances they can have a disfavourable effect. If you would like to know Saxo Bank’s current filter level on a particular currency pair, please contact us