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Money Transfers with Limit Order - What is a Currency Limit Orders

What is a Limit Currency Order

What is a Limit Order? Money Transfers with Limit Orders is where you agree on buying or selling currency exchange pairs at a specified price or better. So a limit order offers you flexibility in the exchange rate if you have a period of time to play about with and can risk what rate of exchange you want to get. A limit order which can be done with your foreign exchange broker allows you to place two Limit Orders at the same time - one to 'take a profit' and another to 'stop a loss'.

Money Transfers with Limit Orders

You make a limit order to buy or sell a currency exchange at a specified price or better. A buy limit order is only executed at the limit price or lower, and a sell limit order is executed at the limit price or higher. The limit order may not get filled if the price does not reach the limit price.

How Limit Orders work
You tell the foreign exchange company the amount you want to transfer and how much you want to receive in the new currency. The foreign exchange company work out what the currency exchange rate has to be to give you this amount. Once the currency exchange rate reaches this level foreign exchange company will make the currency transfer on your behalf.

Money Transfers with Limit Order

You can also tell the foreign exchange company the minimum amount you would be happy to receive in the new currency. which is also known as the stop loss where the foreign exchange company work out the currency exchange rate that would give you this amount. And if the market moves in this direction the foreign exchange dealer make the currency transfer when this rate is reached.

What is a Currency Limit Orders

What is limit orders good for?
When you would like to exchange your currency pairs at a specific rate of exchange this is ideal if you want to play the market a bit and you don't need to make a currency transfer immediately.

The limit orders details
Some foreign exchange brokers will put a minimum transfer amount which is 50,000 or the currency equivalent. Where the maximum currency transfer period for a limit order is 12 months.