Because of our unique trading model and market hours, we offer two types of buy orders at HAA, that work a little differently :
- Cash order
- Quantity order
Cash orders are a limit on the total dollar amount you want to spend on a purchase of a specific investment. When you place a cash order, then we will buy as many whole items of the product you choose up to the cash limit you set at then current prices. For example:
- You place a cash order for $10,000 for a 1 oz gold coin
- That coin is then trading at $1,950
- We will purchase five (5x) of that coin for $9,750 total, as any
Cash orders can be placed 24x7 in trading portal.
Quantity orders are for an exact number, e.g. 1 or 3 or 370, of a specific investment. Our most popular buy order type, they work like a “market order” in a stock brokerage account as your order is a commitment to buy that quantity at whatever best execution is then available. Quantity orders can only be placed during the market hours for a product.
When placing a quantity order, you’ll be presented with a price estimate that includes:
- an indicative price (i.e. estimated based on the average last quotes) per unit and as a subtotal, plus
- a required “cash buffer”,
- and for delivery orders any applicable sales tax or shipping charges.
The amount of cash in your account must be at least the total of the full estimate including the buffer to submit the order. The actual execution price is typically lower than quoted price, but not always, hence why the buffer is required.
In very rare cases, in highly volatile markets especially, it is possible a quantity order could execute for more than the estimated total including the buffer. As the order is a commitment to the quantity and not price your balance will be charged for the actual execution price.