Limit Order
A set limit order lets you set the minimum or maximum price at which you want to sell or buy currency. This enables you to take advantage of rate fluctuations beyond trading hours and wait for your desired rate.
Limit Orders are perfect for clients who have the next payment to produce but who still have time for it to gain a better exchange rate as opposed to current spot price before the payment must be settled.
N.B. when placing stop limit buy order there’s a contractual obligation that you should honour the agreement as capable to book on the rate that you have specified.
Stop Order
A stop order allows you to run a ‘worst case scenario’ and protect your main point here when the market was to move against you. You’ll be able to set up a limit order that will be automatically triggered if the market breaches your stop price and Indigo will purchase your currency with this price to ensure that you don’t encounter a much worse exchange rate when you need to make your payment.
The stop lets you take advantage of your extended period of time to get the currency hopefully at the higher rate but also protect you when the market ended up being opposed to you.
N.B. when putting a Stop order there’s a contractual obligation so that you can honour the agreement when we’re able to book the speed at the stop order price.
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