A DriveWealth investor can place Market Orders, Stop Orders and Limit Orders.
A Market Order is a trade request sent for immediate execution at the current market price. A market order can either be an order to buy a security, or an order to sell a security. A market order to buy is executed at the lowest offering price available; a market order to sell is executed at the highest bid price available. Market orders are sent immediately for execution at the current market price without restrictions or limits, and have priority over all other types of orders. As long as the security is trading, a market order guarantees execution. The execution price may be better or worse than the price at which the customer seeks to transact.
Example: Buy Market Order- You want to buy 200 shares of XYZ at the market price. You enter the trade as a market order and you will buy XYZ at the price it is trading at when the order is fulfilled.
Example: Sell Market Order- You want to sell 100 shares of XYZ. You enter the trade as a market order and you will sell XYZ at the price it is trading at when the order is fulfilled.
***Note: The execution of Market Orders is only available during the normal NYSE market hours (9:30AM to 4:00PM Eastern Time Monday thru Friday). Unless marked to the contrary, all open orders are treated as GTC or ‘good ‘til cancelled.’ The order will remain active until it is either filled in the market or cancelled by the customer.
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