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Limit Orders
A limit order lets clients instruct OzForex to buy or sell one currency for another currency at a target rate that is better than the current market rate. Clients leave such orders with us to take advantage of exchange rate movements during the times at which they cannot monitor the rates themselves such as overnight market movements.
We watch the market for you
As foreign exchange markets are open 24 hours and volatility often occurs during overnight sessions, you may miss out on the best rates if you are unable to monitor movements all the time.
Orders can be left with any of our dealing staff and these are in turn left with our overnight traders. If the rate nominated is triggered overnight, you will be notified and asked to provide beneficiary details and organise timely payment to OzForex.
How it works
- Orders that are triggered overnight become binding.
- You will be notified by phone and/or email if orders have been triggered.
- When leaving a limit order with us, you will instruct us of the buy and sell currency and amounts and the desired exchange rate.
- You also need to tell us for how long the order is valid (anywhere from now to 6 months).
- Business and private clients can leave orders.
- The amount needs to be greater than AUD30,000 to be accepted.
Please speak to one of our dealers to be set up for Limit Orders or register free for instant online access to our dealing platform.
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(Australian Financial Markets Association)