Broker's maximum distance for pending order?

how far from current price can I put a pending order?
for example gold for ICMarkets, or EURUSD?
how many % ?

I obviously can’t speak for all brokers but I see that it varies depending on how volatile the market is at any particular time.Each broker probably has a minimum distance but this is not constant. Just the same as with spread.

I have to wonder why you’re trying to get so close to the market price that this is an issue.

@eurgbp I think your broker will give you the best answer.

@tommor ecn, stp, ndd brokers usually doesn’t have minimum distance for pending orders, mm usually has a minimum distance from current price.

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MAX, not min!

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Is there a Max?

@tommor Occasionally. A few CFD brokers do have a maximum permitted distance. Most don’t.

@eurgbp It’s much quicker, easier and more reliable to ask on the broker’s support chat than in a forum. :slightly_smiling_face:

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they don’t know

Even for IC, that’s completely ridiculous.

If they don’t know their own rules, how can anyone else?!

Did you ask them to find out and let you know as quickly as possible?

they know minimums which is zero for raw.
they don’t know maximum distance though
human bots are just like robots there

change broker

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It depends on the broker and whether they implemented any checks on the orders traders place.

From a theorethical perspective, the only limit would be that you cannot place order at a negative price (though price could be negative for commodities).

From a technical perspective, there are some limits on what values a price can take depending on the type of variable the platform uses for prices. But these limits are in the millions.

From my experience testing robots, I can tell you that I accidentaly placed orders at very low and very high prices and did not get an error.

From a practical perspective, I think you can safely place orders thousands of pips above or below the current price. Not sure in what credible scenarios you would need to place an order at price 0 or price 1000 (I am speaking about FOREX here).

Well, allowed distance should be enough for almost any trader. For example, it is quite unlikely that somebody will decided to set a pending order 1000 pips away from the current price since execution can take months so it makes little sense.

So, withdraw your money from that account immediately :joy: If they do not know their own rules, there’s a high likelihood they will scam you—9 times out of 10.

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there is other problem, how they got ASIC license…

ICMarkets? are they any good?

No, this applies even to the best, oldest, and most reliable brokers. When they don’t understand their own rules and limits, it doesn’t matter who they are or what their name is. How can you trust them?

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