Limit Order
A set limit order lets you set the minimum or maximum price where you would want to sell or buy currency. This allows you to reap the benefits of rate fluctuations beyond trading hours and hold out for the desired rate.
Limit Orders are fantastic for clients who have an upcoming payment to make but who have time for it to have a better exchange rate than the current spot price ahead of the payment has to be settled.
N.B. when placing how does a limit order work there exists a contractual obligation so that you can honour the agreement when we’re in a position to book in the rate which you have specified.
Stop Order
A stop order permits you to attempt a ‘worst case scenario’ and protect your bottom line if the market would have been to move against you. You’ll be able to start a limit order which will be automatically triggered when the market breaches your stop price and Indigo will purchase currency as of this price to successfully usually do not encounter a much worse exchange rate when you require to produce your payment.
The stop lets you benefit from your extended time period to get the currency hopefully in a higher rate but additionally protect you if your market ended up being to oppose you.
N.B. when putting a Stop order you will find there’s contractual obligation that you can honour the agreement if we are capable of book the rate at the stop order price.
For more info about stop limit buy order take a look at this popular resource: look at this