BUG? - The number of shares that I can buy don't add up correctly

Hi,

Don’t know if this is a bug or a feature… When you try to make an order with an estimated cost which is still within your budget, e.g buying 48 shares you sometimes get this (saying that I have enough funds for only 45 shares):


And then there’s another indication, when you actually try to buy number of shares with an estimated cost more than your current funds, that makes the estimated sum go red. And that’s of course obvious, but I’m confused about the first reason for blocking the order. Why is it showing that I have funds for only 45 shares? Can anyone help/explain? My account is in British Pounds, as you can see. Thank you.

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Hi @kvigulis, this happens because with a single order you can invest up to 95% of your free funds. In your case, you actually have enough funds to buy 48 shares, however, this would require more than 95% of your free funds. We will improve our interface in order to communicate that better.

Out of interest, why does this restriction exist for Invest only accounts? Surely, 100% should be available? I can understand this for your CFD accounts, but Invest doesn’t make much sense to me.

@777GE90 It’s a precautionary measure. You can never be certain what price you’ll get with a market order. With an entry equal to 100% of the account value, even the smallest market movements might make the trade unaffordable & reject the order.

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Ah ok, that makes sense. Did not think of that.

What about the restriction when you try to place a limit order and it says “it’s too close to the current market value”? I sometimes try to put a limit order instead of a market order when the instrument is quite volatile as I’m only willing to sell at the current market price. But the restriction prevents me from doing this and I have to up or lower the market order value.

@777GE90 Does this occur often & with multiple different stocks? Let us know if it happens again.

@David I think it happens on every instrument, say the sell price is $50.00 USD and buy price is $50.03 USD. If I try to place a limit order to sell at $50.00 USD it will give the error. Normally, I have to change the limit order to something like $49.90 or $50.10 (it’s been a while so don’t remember how far out I have to go).

It’s pretty annoying to be honest, because if I set a limit order, I would expect to be able to set it to any price I want and wait until the market allows it to be executed or cancelled due to expiry.

I usually set this type of limit order when something is really volatile and I know a market order would execute at a significantly different price than what is being quoted, so would only be willing to sell at a certain price or wait out the volatility.

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I’m getting this issue too.

Yes, i can confirm, I have the same “issue”

I had this “too close to current market value” issue yesterday. I think it was with Cirrus Logic.

I also find it very frustrating for the same reason as the other folk in this topic.

The “You can’t place a single order worth more than 95% of your free funds” message has been the bane of my life since I opened my Trading 212 account.

I currently have over £10K of free funds, yet I’m unable to create a limit order for £200 on Cirrus Logic shares.

I’ve spent a lot of time studying this recently, and I believe that the reason is that I have dozens of pending orders that Trading 212 considers to be using up my free funds. I have the following issues/thoughts with this:

  • Why does the platform not include pending orders in its FREE FUNDS figure, but does include them when it’s determining whether I can buy shares?
  • Can a PENDING ORDERS total be added to the screen that shows ACCOUNT VALUE, FREE FUNDS and PORTFOLIO figures?
  • I recently calculated the total value of my pending orders and it was about £1,000 less than my FREE FUNDS figure, but I was still unable to spend £200 on shares. I think I read in another topic that the pending order calculation uses the current price rather than the limit price, which doesn’t make any sense, but might explain my issue. Can @Team212 confirm whether that’s still the case please?
  • Most of my pending orders are set at the 52-week low in the hope of buying any future dips. It is likely that some/most of these orders will never trigger. It doesn’t make sense to have these speculative orders prevent me from adding a new limit order.
  • This morning I cancelled a pending limit order for Amazon at $1,885.78, but I was still unable to create a new limit order for Cirrus Logic at $200 immediately afterwards. Is there a delay when calculating the free funds?

Can @Team212 provide an update on whether you have any plans to address how this check is implemented please? At the very least, I think it should ignore other limit orders and use the limit price. I also think it should only be a warning rather than something that prevents the creation of an order, and if the price fluctuates then the order should be partially filled.