BUX Zero offers two different types of orders: market orders and limit orders.
This is an order (sell or buy) that is executed immediately at the best possible price on the market. Market orders are used when certainty of execution is a priority over the price of execution. For a buy order that is at the current selling price (ask price). For a sell order that is at the current purchase price (bid price). The price can be higher or lower than the last traded price that you see on your screen when placing the order.
Limit orders specify the maximum price that you’re willing to pay for a share or the minimum price that you want to receive for a share you’re selling. With a Limit buy order you will never have to pay more for a share than the given limit. With a limit sell order you will never receive less than the limit you gave.
In a situation where the available market volume at your proposed price is not fully traded within the trading day you will receive a partial execution or no execution depending on the position of your limit order in the order book queue. If your limit order is not filled yet when the markets closed it will automatically expire.
At a later stage a third order type will be added named ‘Basic Order’. You can find more detailed information about the order types offered through BUX Zero in our Order Execution Policy here.