BUX Zero offers three different types of orders: market orders, limit orders and Zero 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.
Zero orders are free and will always be so with BUX Zero. They can be placed during market opening times but they are not executed until the Cut Off Time each day for the respective market. For example, in Amsterdam this will be from 16:00 local time during every normal trading day. Other markets will vary. The relevant and most up to date Cut Off Time will be shown in our mobile application. This time period or ‘execution window’ will start 90 minutes before the market closes and will last for 60 minutes. Orders must be placed before this execution window opens, otherwise they will be scheduled for execution the next trading day only and will be queued for execution on that day. The price at which your Zero order is executed will depend on the price of security at that time, so there is a chance you pay slightly less or slightly more than the price you will have seen when placing the order. If you wish to cancel your Zero order, you can do this providing it is before the Cut Off Time.
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.
You can find more detailed information about the order types offered through BUX Zero in our order Execution Policy here.