From time to time, orders may be invalid, or fail after you place them.
You won’t be able to place the order if:
- You don’t have enough money in your available trading balance to cover the buy order – available trading balance will take into consideration any pending buy orders already in place
- You’re trying to sell more stock than you currently have in your portfolio
If this happens, we'll let you know – the order confirmation screen will show an error message (e.g. “not enough stock to make this trade”) and the “Place Order” button will be greyed out.
We’ve listed out the most common reasons we see when orders fail:
- Your order breached the market Integrity rules – for example, the order was too aggressive, where the price entered was too far away from what the stock is currently trading at
- You order is over the maximum limit of $100k per trade (Order Limits – Opentrader) - this can be increased – if you want to increase this limit get in touch with us.
- Your order takes you over the maximum net limit of $150,000 AUD of buy orders at any one time on your account - this can be increased – if you want to increase this limit get in touch with us.
- Your buy order is less than the minimum marketable parcel of $500 (link)
- Your order was placed between 7pm-7am or 4pm-4:12pm - check our more information on placing orders outside of market hours (Can I place orders outside market hours? – Opentrader)
If your order fails, we’ll let you know - you’ll get an "Order Failure" notification and it’ll list the reason why.
Checking failed orders on the platform
You’ll be able to see orders that have failed on the Opentrader platform.
- Click on the “Orders” tab
- If it’s failed, it’ll show a status of “Failed”. Hover over the “Failed” text to display the failure reason
In this example, Afterpay (ASX:APT) is trading at $155.64 per share. The order placed here was a buy order for if the share price fell to $20. We can see that it failed because the order price was more than 50% away from the current trading price.
Market integrity rules
We’ve mentioned market Integrity rules above, but what are they exactly? They’re a set of rules we have in place to ensure reasonableness and fairness when trading.
For example, orders that are placed more than 50% away from the current share price will typically fail as these orders can be an indication of market manipulation taking place.
Opentrader’s designated trading representatives (DTR’s) have full discretion when it comes to which orders go through to market. This is reflected in our terms and conditions, under section 3: Trading and transactions (link to: https://opentrader.com.au/legals/terms-and-conditions/).
If your 'Order Failure' notification is unclear or the above examples don't apply, please get in touch with the below information and a screen shot if possible. You can reach us on live chat or over the phone on 1800 OT TEAM (1800 688 326 or +61 2 9055 4400 for overseas). We're available between 9:00 am and 5:00 pm (Sydney time), Monday to Friday. If we're away, just send us a message and we'll get back to you.
1. OpenMarkets ID:
2. Email Address:
3. Full name:
4. Order Number:
5. Stock Code & Quantity:
6. Date & Time:
7. Description of issue, please also specify - Buy, Sell, Amend or Cancel:
Once we have this information, we'll escalate your query to the trading team for investigation 🕵️♀️