Exchange rates fluctuate constantly and can be difficult to predict, so as well as simply buying at the current rate, dVFX offers the following order types to help you make the most from your transaction. This is particularly relevant to clients who have a strong view on future exchange rates.
- Buy Now
This is the simplest and most commonly used order type. This means you simply decide when you want to buy or sell currency, and call your dVFX Trader to make the transaction.
- Limit Order
A limit order is an order that you leave with your dVFX Trader to buy your currency at a pre-determined market level (i.e. better than the current rate). dVFX Traders monitor your order 24/7 and your currency is purchased automatically when your target level is achieved.
- Stop Loss Order
A stop loss order allows you to set a minimum rate at which to buy your currency. This would effectively be your worst acceptable exchange rate. If the market falls to this rate, your currency will be purchased automatically. This gives you peace of mind that if you are holding out for an improvement in the exchange rate, you are also protected from a dramatic deterioration in the exchange rate.
Some clients use a limit order and stop loss order together, protecting against risk while hoping to achieve a better rate than is currently available. Whichever level is reached first will be the level that your transaction is completed at. This strategy guarantees that the exchange will be made within a certain price range, helping you to budget in advance. The markets are constantly moving, so our traders will monitor your orders and keep you informed. Orders can be adjusted or cancelled at your instruction at any time prior to being fulfilled.
You will not be asked for payment until your order has been fulfilled (with the exception of some exotic currencies for which dVFX require payment in advance).