Automated orders – set your best or worst case rate
Automated orders are a way to make your currency trade at the time the exchange rate hits your chosen level. You choose a rate with your Currency Consultant and the currency exchange will go through automatically when it hits your desired rate.
✔ Protect and improve your exchange rate
✔ Flexible – can be modified or cancelled
✔ Monitored by professionals – 24/7
✔ Free of charge
Take the hassle away from your currency exchange
If you’re buying a property abroad, sending money abroad, or running a business, you will probably have a thousand other things on your mind; exchanging currency may be at the bottom of a long list. We appreciate you don’t have the time to think about that – let alone enough time to monitor exchange rates – but our currency exchange services can help you. Automated orders keep you in control of your currency exchange.
How do Automated orders work?
This type of currency trade is popular because they allow you to take advantage of currency volatility without having to monitor the exchange rates all the time. They can help you use currency volatility to your advantage; protecting you against losses from a worsening exchange rate movement and maximising your money when the rate is good.
They are “good till cancelled”, so they sit in the market until the exchange rate is triggered, or until you cancel the order. Alternatively, the Automated order can be set with an expiry date.
24/7 control and peace of mind
Automated orders can be can used for both Spot and Forward trades. Operating 24 hours a day, your currency will be automatically bought or sold if your pre-determined exchange rate is achieved. They provide significant advantages over your bank’s limited opening hours and inflexible solutions. Automated orders can also be modified or cancelled prior to the transaction taking place.
By using Automated currency orders, you can be confident that the exchange rates that matter to you are monitored at all times, your money is protected, and you will not miss any exchange rate opportunities. Sending money abroad? We are here to help you.
What types of Automated orders can you use?
We offer three types of Automated orders.
– Control: buy and sell at the rate you want
– Certainty: currency professionals monitoring the exchange rates for you 24/7
– Flexibility: you can modify or cancel your order at any time
A Limit order enables you to target a better exchange rate than is available at the time of placing the order. It is an instruction to buy or sell currency at a predetermined ‘best case’ exchange rate, which if achieved, will go through automatically. By exchanging at a better exchange rate, you will receive more currency for your money.
Settling your payment when using Automated currency orders
If you have instructed us to try to achieve a target exchange rate with automated Stop Loss and/or Limit Orders, then we don’t require any funds from you until your Automated currency order has been achieved. (If you are a non-UK based resident, a deposit may be required – please ask your Currency Consultant.) If your exchange rate is achieved, we’ll contact you to discuss the details of your trade and settlement procedures and will send you a Trade Confirmation.
get in touch with a qualified Halo Currency Consultant.
How automated orders work in practice
This fictitious example shows how Stop loss orders could be placed into the market so that they go through when the best rate can be achieved.
In this example, the currency market is falling, so the Stop loss order trades before the rate falls, saving the client from currency losses.