In addition to real-time Market Orders, SoFi offers these types of orders:
Limit Orders can be used if you want to specify the price at which the security is bought or sold. While you are able to control the price, you cannot control when the limit order is triggered, as that is based on when the stock reaches your requested price. SoFi’s limit orders are “all or none” - we cannot complete partial fills. This means the market will have to fill all of your requested shares, at that price or better, for all of the order to go through. SoFi currently only supports Limit Orders for whole shares during market hours.
- For Buy Limit Orders, the order will only be executed at that price or lower. This means that the price you enter for your Buy Limit Order will be the maximum you are willing to spend per share.
- For Sell Limit Orders, the order will only be executed at that price or higher. This means that the price you enter for your Sell Limit Order will be the minimum you are willing to receive per share.
Stop Loss Limit (Stop Limit Sell) Orders can be used if you want to specify the price at which a sell order is triggered, and subsequently, specify the price at which you would like it to execute. This order type requires the selection of two prices: a stop price (which designates when the order is activated), as well as a limit price (which designates the minimum price at which a sale would be executed). SoFi’s stop loss limit orders are “all or none” - we cannot complete partial fills. This means the market will have to fill all of your requested shares, at your limit price or better, for the order to go through. These orders are also automatically designated as Good-til-canceled, meaning the order will remain pending on the account for 12 months unless canceled, or a corporate action was to occur. SoFi currently only supports stop limit orders for whole shares during market hours.
Fractional Orders (Stock Bits) can be submitted at any hour of the day! This is the type of order you'll submit when you buy or sell stocks, in a dollar amount.
Market Orders on Open allow you to place orders outside of market hours for whole shares. These orders will not execute until the next trading day, so the price may shift a bit from the last time you saw it.
Note: If you place an order on Friday, the next market day would be Monday (with the exception of holidays).
Happy Trading!