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Why has my order has been rejected?

Answer

There are a number of reasons why an order might not be accepted. DEGIRO offers access to exchanges worldwide, each with varying rules of acceptability for an order to be eligible for execution.

Some common reasons why an order is not accepted can include (but is not limited to):

Price Limit: Many exchanges set a range of acceptability and will reject an order in the case that the order price exceeds this band. This is to prevent excess volatile movements in the price of securities. As such, an order can be rejected in the case that the limit price is too high or too low compared to the last traded price.

Worst-Case Execution Scenario: If your market order has been rejected this may be because the worst-case execution scenario exceeds your available to trade amount. As the price of a market order is not set until the order is executed, we must account for a sudden change in price in the time from the order being placed to the time of execution. If this seems to be the issue then you may wish to either reduce the quantity of the market order or place a limit order, where the maximum execution price will be less than your available to trade.

Incorrect Stop Price: Stop Loss and Stop Limit orders are intended to trigger at a certain point after a fall in stock price. As such, when entering a Stop price, it must be lower than the current trading price of the security.

Tick Size: Some products set a fixed tick size for the minimum movement in the price. An order may be rejected if this price limit is not met. For instance; if a stock requires all prices to be set to a tick size to the nearest €0.02, an order for €0.35 would be rejected. In essence, the limit price set must be divisible by the tick size.

Lot Size: Some exchanges require stocks to be purchased in allotments of certain amounts such as 1,000, 10,000, etc. This is particularly common in Asian markets.

DEGIRO suggests familiarising yourself with the rules and conditions of the exchange before you start trading.

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Related Questions

What are the different order types?
What is the difference between a limit order and a market order?
What is the difference between a stop loss order and a stop limit order?
Why do some products not have the option to place certain order types?
What is the order duration?
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DEGIRO is the first wholesale broker for private investors. An online investment platform for all types of investors. DEGIRO enables its customers to invest worldwide at unprecedented low rates. DEGIRO is investing globally for everyone. Previously, investing was often limited to stock exchanges in Europe or the United States. Through one platform, all DEGIRO investors gain access to products and markets worldwide. This means that private investors can spread their investments much better. DEGIRO fits perfectly with the investor who manages his business online. For us, customers do not pay for the salary of unnecessary staff. DEGIRO takes away the last difference between professional and private investors; the fees. Essential for the return of private investors.

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