Selecting from either a limit or a stop loss order – or even using a combination of both – allows you to both protect your money from fluctuations while also targeting a favourable exchange rate.
This allows you to target a better exchange rate than the current market level, which once reached, will be executed automatically for you.
Stop loss order
This allows you to protect your purchasing budget or limit adverse exchange rate fluctuations. You set an exchange rate that is worse than the current market level, which will act as a safety net and automatically close out the trade if the market moves adversely.
Combination of a limit order and stop loss order
Running a limit order and a stop loss order at the same time enables you to aim for a favourable exchange rate whilst also ensuring that, should the markets turn, you're protected.
Get in touch to find out more about placing market orders