A limit order allows you to specify the maximum price you are willing to pay when buying, or the minimum price you are willing to accept when selling shares or ETFs.
How limit orders work
Limit orders give you more control over the execution price but do not guarantee that the order will be filled.
Buy Limit Order: You set a limit price below the current market price. The order only executes if the market price drops to your limit price or lower.
Sell Limit Order: You set a limit price above the current market price. The order only executes if the market price rises to your limit price or higher.
Important note on expiry: All limit orders are day orders. This means they expire at the end of the current market trading day. If you place a limit order while the market is closed, it will remain active until the end of the next market trading day. If the market does not reach your specified price before expiry, the order will not execute.
How to place a limit buy order
Before you begin, ensure you have sufficient funds in your Kernel wallet. Unlike regular fund orders, you must have the required NZD available in your wallet before you can place a limit buy order for shares or ETFs.
To buy specific shares or ETFs using a limit price, follow these steps:
Navigate to the asset you wish to purchase.
In the bottom right corner, click 'Buy'.
Select 'Limit order' from the order type options.
Set limit price: Enter the highest price (in USD) you are willing to pay per share.
Enter investment amount: Enter the total amount you wish to invest in NZD.
Select 'Review' to see the estimated number of shares and costs.
Select 'Place investment' and then click 'Done'.
How to place a limit sell order
To sell shares or ETFs you currently hold using a limit price, follow these steps:
Navigate to the asset you wish to sell in your portfolio.
In the bottom right corner, click 'Sell'.
Select 'Limit order' from the order type options.
Set limit price: Enter the lowest price (in USD) you are willing to accept per share.
Enter shares to sell: Specify the number of shares you wish to sell.
Select 'Review' to see the estimated amount to receive from the sale and costs.
Select 'Place sell order' and then click 'Done'.
Managing pending orders
You can view or cancel a pending limit order at any time before it executes. To do this, go to your Activity tab, select the pending transaction, and choose 'Cancel Transaction'.