Market order

A market order is a type of stock order that indicates a preference for quick execution relative to price specificity. This generally means you’re willing to accept the next available price and a certain price isn’t guaranteed.

If you want to buy at a specific price, place a limit order.

Keep in mind

It’s not guaranteed your market order will be executed at a specific price. Additionally, our venues don’t support market orders during  extended-hours trading. If your market order is placed outside of regular market hours, the order will be queued for the start of regular market hours on the next trading day.

Depending on the price your order is filled at, the final dollar amount of your share-based order may change when you place a market order. Similarly, depending on the price your order is filled at, the final share amount of your dollar-based order may change.

The market price shown in the app is the last trade price on a Nasdaq exchange (the Nasdaq Stock Market, NASDAQ OMX BX, or NASDAQ OMX PHLX), which might not be the best available price when the order is executed.

Note

We generally cancel fractional orders (share-based orders that include a fractional share and dollar-based orders) if they're unexecuted after 5 minutes of being eligible for execution.

Default order schedule

Sav defaults to share-based or dollar-based orders. Share-based and dollar-based orders can default to market or limit orders depending on the time of day and order side.

The following shows the default order behavior for trading during regular market hours versus extended-trading hours with Sav. Orders submitted during the overnight trading hours, or when the market is closed, are queued for market open and therefore follow the Market hours order schedule.

*Over-the-Counter (OTC) securities are an exception and will remain as Limit orders during all trading sessions.

Keep in mind

Your last order type will be the default for your next order.

Buying power for queued orders

To protect your account against overspending, we’ll over-reserve 5% of your buying power for market orders placed outside of regular market hours that are queued for the next trading day.

Keep in mind

These percentages might change in response to extreme volatility. 

If the market price increases, and we can’t reserve the additional buying power required as of market open, then we’ll cancel the order. If you have multiple orders queued, we'll try to fill them in the order they were received. However, if your buying power is insufficient for one or more orders, we’ll cancel them.

Example

Let’s say you have 10 open orders totalling $100 with no remaining buying power. The 9th order is the only one that increased in price. Then we’ll cancel the 9th order and execute the 10th order.

Market volatility and trading halts

During Market volatility, circuit breakers, and trading halts or Stock trading halts, you can't place any new share-based market buy orders and any pending ones will be canceled.

However, you can place other orders as usual (except share-based market buys) during a trading halt and they’ll remain pending. When the halt ends and markets reopen, your orders will be processed.

Keep in mind

Orders held or placed during a halt or a closed market may fill at a very different price when trading resumes.

Disclosures

Trading during extended and overnight hours comes with additional risks, such as lower liquidity and higher volatility. You can learn more in the Extended-Hours Trading Disclosure.

Fractional shares are not liquid outside of Sav and not transferable. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section in our Customer Agreement.

Not all securities are eligible for the entry of fractional orders during Sav’s extended-hours trading. If a security isn’t eligible, the order will be queued for the opening of market hours.

You can learn more about eligible securities and the risks of extended-hours trading in Extended-hours trading and for overnight hours in Sav 24 Hour Market.