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.