Stop Orders can be used if you want to specify the price at which the security is bought or sold. 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. 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 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.
Submitting a Stop order:
Tap on Shares in the top right-hand corner:
Select Stop Market under the Conditional order section:
Tap on the large zero to enter the number of shares you would like to purchase/sell:
Tap on Add in the Stop Market price section and enter the stop price:
Once you have entered in all the details for the trade, you will Slide to confirm at the bottom of the screen and receive confirmation your stop limit order has been submitted:
You will be able to see your scheduled trade in the Activity section of your Self-Directed Invest account.