Limit Order
A limit order lets you set the minimum or maximum price at which you would want to purchase and sell currency. This lets you reap the benefits of rate fluctuations beyond trading hours and hold on to your desired rate.
Limit Orders are fantastic for clients who’ve a future payment to produce but who still need time to achieve a better exchange rate than the current spot price ahead of the payment needs to be settled.
N.B. when placing difference between buy limit and buy stop in forex there’s a contractual obligation that you should honour the agreement when we’re capable of book at the rate which you have specified.
Stop Order
A stop order allows you to chance a ‘worst case scenario’ and protect your main point here when the market ended up being move against you. You are able to create a limit order that will be automatically triggered when the market breaches your stop price and Indigo will purchase currency only at that price to make sure you do not encounter an even worse exchange rate when you really need to generate your payment.
The stop lets you make the most of your extended time frame to buy the currency hopefully at the higher rate but also protect you if your market ended up being to not in favor of you.
N.B. when putting a Stop order there is a contractual obligation so that you can honour the agreement while we are able to book the rate your stop order price.
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