A target order (often referred to as a ‘limit’ order) allows you to specify a price to execute the order at. This means the order will only go through if/when that specific price (or better) is achievable. Target orders remain in place until the order executes, or you cancel the order.
Target orders are set up in advance and are automatic such that you can have peace of mind; if your target order is met whilst you are asleep or unavailable, it would still go through!
Target orders may be suitable for scenarios whereby you are only wanting to buy if the asset price drops to a certain level, or only wanting to sell if your asset reaches a higher price.
To set a target, you will need to email your broker the request. Your broker’s contact details can be found via logging into your online account in the Portal. For Portal navigation see our help article here.
When emailing your broker please ensure you include the following details:
For a Buy target:
The name of the asset you are wanting to buy
The amount of the asset you are wanting to buy (i.e. how many units or dollars worth)The name of the asset you will be selling to fund this trade (fiat or crypto)
The desired price you are wanting to buy the asset at. Please note, the target price must be quoted in the same fiat currency you are funding with. For example, purchases using USD must use a target price quoted in USD, whereas funding with AUD requires a target price quoted in AUD. If funding with a stablecoin/crypto, the price must be quoted in USD.
Example 1 (using a dollar amount): “Please use $2000 total USD (including fee) to buy BTC at a price of $20,000 USD”
Example 2 (using a unit amount): “Please use enough of my USD to buy 0.5 units of BTC at a price $20,000 USD”Example 3 (funding with crypto): “Please use 5000 USDC (including fee) to buy BTC at a price of $20,000 USD”
For a Sell target:
The name of the asset you are wanting to sell
The amount of the asset you are wanting to sell (i.e. how many units or dollars worth)The name of the asset you are wanting to sell this into (e.g. dollars or crypto)
The desired price you are wanting to sell the asset at. Please note, the target price must be quoted in the same fiat currency you are funding with. For example, selling into USD must use a target price quoted in USD, whereas selling into AUD requires a target price quoted in AUD. If selling into a stablecoin/crypto, the price must be quoted in USD.
Example 1 (using a dollar amount): “Please sell $2000 worth of BTC into USD if BTC is at a price of $30,000 USD”
Example 2 (using a unit amount): “Please sell 0.5 units of BTC into USD if BTC is at a price of $30,000 USD”Example 3 (selling into crypto): “Please sell 0.5 units of BTC into USDC if BTC is at a price of $30,000 USD”
Once you set a target order, the asset amount allocated to the order will no longer be available for trading, unless you cancel the order. If you request a new order without sufficient balances, we may assume you are intending to cancel the existing target order to fund it (so best to be as specific as possible).
Open target orders are visible in the Portal under the transaction page. If you can’t see your target in the Portal, this is often because they only are visible once they get closer to the target price. If you can not see it in the Portal, your targets are still in place and being monitored, but you are welcome to double check with your broker.
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If you have any questions, or you need assistance completing the registration form, you can ask our Product Specialist team through the Chat button in the bottom right corner of the webpage.
You can also call our support help desk on +61 1800 849 149 (Australia) or +1 (844) 494 6515 (International), from 9am to 5pm (AEST), or request we call you back by submitting an enquiry on our website.