Misleading: Can't place order worth more than 95% of your free funds

Something is wrong in the calculation of said 95% of free funds.
That order would be 72%, clearly not more than 95%.

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I think I found the cause: I somehow already have opened a limit order on this stock. However, it is weird that I would get this warning, since you can place multiple orders that would exceed the total of free funds. Some orders would be automatically cancelled when the free funds fall below the order’s requirement when any order get’s executed.

So either the slider should be red when it goes over [free funds] - [open orders] or the message is badly worded.

OK then, my feature suggestion, why don’t we remove this arbitrary limit for limit orders completely?

The first time I encountered this error I contacted support to express my feelings of WTF and I was told this is for “my own benefit” to prevent the customer from “momentary price jumps”

I could not explain to the other side this was a "LIMIT" order, and I will not be affected by momentary or un-momentary small or big price jumps. And there is no physical way for me to pay more than my limit regardless of the market volatility.

This is completely arbitrary and at the moment forces me to buy 100 shares than 8 more and 3 more and 2 more… nuisance at best.

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you can’t control the exchange rate and limit orders can remain open for a longer time.
E.g. the USD lost around 7% against the swiss franc since march.

As long as a currency exchange is taking place during orders the security margin certainly makes sense.

@kali Will be corrected in the near future.

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that’s great news! in 20 characters!

Hi @Doydoy execution protection has nothing to do with guaranteed order.

The 50-100ms between

  • order fire from T212 “hey buy me 5 shares from any price”
  • execution on remote board “ok i got you 5, now give me my money or i am calling the cops”
    this can result in “micro-defaults” which is very problematic.

So leaving 5% in the account gives 5% wiggle room for that few miliseconds. It is to protect the customer (and also broker)

Use case you mentioned will not even be sent for execution because it will fail pre-flight checks (insufficient balance)

just had the same discussion with the support, trying to buy for 760 euro while I have around 900 in my balance and getting this error.
the expiation I got was quite disturbing I must say.
That the price I chose is too far from the current price and therefore it will be executed as a market order (WAT?!)

Yeah that bit doesn’t make sense.

I mean I see the maths (30*38.39) dollars in euros = ~974 is more than your funds, but you could have a limit at whatever you wanted it shouldn’t be converting limits into market orders. :face_with_raised_eyebrow:

Do you have any other pending limits orders?

but its not 3038.39, I asked it to be 3030 regardless of the current price, its a limit order…
if it will fail due to exchange rates ok, but the platfrom should not block me cus they dont think the price is not logical.
and BTW I set it up to be GTC
No I dont have other orders

Yes I’m in agreement with you.

I’m saying it’s a weird response from staff to say that it’s doing the fund check based on the current ask rather than the limit value.

will that get fixed soon @David?
Thx

Guys remember support staff usually lacks basic trade/market knowledge, they are trying to be helpful but they sometimes can take initiative and make the stupidest claims like

“system converts this 30$ limit order to a market order of $38.5 because 30 is unlikely to be reached”

I will have to let Brick Top answer respond to this:

Hi, This bug is driving me nuts, can I ask what you consider to be near future?

@Team212 When will this bug be fixed?