A limit order permits you to set the minimum or maximum price from which you would like to purchase or sell currency. This allows you to make the most of rate fluctuations beyond trading hours and wait for your desired rate.
Limit Orders are fantastic for clients who’ve the next payment to produce but who still need time to gain a better exchange rate than the current spot price prior to payment has to be settled.
N.B. when locating a limit order example there is a contractual obligation that you should honour the agreement if we are capable of book with the rate which you have specified.
A stop order permits you to attempt a ‘worst case scenario’ and protect your net profit when the market would have been to move against you. You can set up a limit order that is to be automatically triggered if your market breaches your stop price and Indigo will buy your currency at this price to make sure you do not encounter a level worse exchange rate when you really need to make your payment.
The stop allows you to take advantage of your extended period of time to purchase the currency hopefully at a higher rate but in addition protect you when the market would have been to go against you.
N.B. when placing a Stop order you will find there’s contractual obligation so that you can honour the agreement when we’re in a position to book the pace your stop order price.
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