Limit Order
A limit order allows you to set the minimum or maximum price where you would want to purchase and sell currency. This allows you to take advantage of rate fluctuations beyond trading hours and hold on for your desired rate.
Limit Orders are best for clients that have an upcoming payment to create but who have time and energy to acquire a better exchange rate as opposed to current spot price before the payment must be settled.
N.B. when putting a difference between market and limit order you will find there’s contractual obligation so that you can honour the agreement as able to book at the rate that you have specified.
Stop Order
A stop order enables you to attempt a ‘worst case scenario’ and protect your important thing if your market ended up being move against you. It is possible to start a limit order that will be automatically triggered if the market breaches your stop price and Indigo will purchase currency only at that price to ensure that you usually do not encounter an even worse exchange rate if you want to create your payment.
The stop lets you benefit from your extended time period to purchase the currency hopefully with a higher rate but additionally protect you if your market would have been to not in favor of you.
N.B. when placing a Stop order there’s a contractual obligation that you should honour the agreement if we are capable of book the pace for your stop order price.
For more info about different types of orders in stock market see this resource: read