I can create a value market order for a GBP share for the full amount of my free funds.
I can create a shares market order for a GBP share for 95% of my free funds.
I can create a limit order for a GBP share for 95% of my free funds (although the current price is still used, which doesn’t make sense but has been covered elsewhere).
I can create a value market order for a USD share for the full amount of my free funds.
I can create a shares market order for a USD share for 95% of my free funds.
I understand all of the above. However, when I attempt to create a limit order for a USD share, I get the “You can’t place a single order worth more than 95% of your free funds.” message! I even get this message when I create an order for $0.01!
Can anybody explain this?
I estimate that I have over £12K in pending orders. In previous posts, I thought this might be relevant to the 95% issue. However, I’m not so sure any more, considering I am able to create large market and limit orders in GBP and large market orders in USD.
I’m interested to see if I’ll be able to create an order when the US markets open.
The US markets are open, so I can create limit orders for USD shares again.
However, before the markets opened, I asked my wife to try to create a limit order for 1 share in Tesla at $0.01. She got the message “The entered price value is too far from the current market price”. I didn’t get this message; I just got the 95% message. When she set a more reasonable price for Tesla, my wife also got the 95% message, so it’s not just me!
After the markets opened, I got the price message for a $0.01 order and I was able to create an order for a reasonable price.
So, in addition to wanting a resolution to my issue, I’d also like to know why my wife sees different behaviour for the $0.01 example.