What are the different order types for my Self-Directed account?

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. You can also place Limit Orders during our Extended Hours Trading sessions or regular market hours. You can learn more by visiting our Extended Hours Trading Help Center.

• 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 Limit Orders can be used if you want to specify the price at which an 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.

• Stop-limit buy order: Lets you set a stop price to trigger the order and a limit price as the maximum you’re willing to pay. Once triggered, the order will only execute at your limit price or better.
• Stop-limit sell order: Lets you set a stop price to trigger the order and a limit price as the minimum you’re willing to accept. Once triggered, the order will only execute at your limit price or better.

Stop Orders can be used if you want to specify the price a market order will be triggered at. This order type requires the selection of a stop price (which designates when the order is executed). SoFi’s stop orders are “all or none” - we cannot complete partial fills. 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 orders for whole shares during market hours.

• Stop buy order: Lets you set a stop price that triggers a market buy once the price is reached. Once triggered, the order executes at the next available price, may fill at a higher price in fast markets, and remains active until filled, canceled, or expired.
• Stop sell order: Lets you set a stop price that triggers a market sell once the price is reached. Once triggered, the order executes at the next available price, may fill at a lower price in fast markets, and remains active until filled, canceled, or expired per broker rules.

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. Fractional orders will only execute during the regular market hours.

Market on Open Orders 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. This is different from a regular Market Order that must be placed during regular market hours.

Note: If you place an order on Friday, the next market day would be Monday (with the exception of holidays).

Happy Trading!