Orders – Superhero

What type of orders can I place?

Market Orders:

A market order is an order to buy or sell securities at the prevailing market price, rather than at a specific execution price

For example, if the market order is a buy order, the order will be placed at the price set by the lowest seller in the market at the time the order is placed. If for any reason your order does not trade immediately, the price of your order will be continually updated (increased) in increments until the order trades, in full.
All market orders placed for Australian-listed Securities will expire 30 days after the order is placed via the Superhero Platform unless the security has a fixed expiry date set by the Exchange.

Limit Orders:

A limit order is an order to buy or sell a specified number of securities at a specified price or better.

Limit orders can be cancelled, provided the order has not already been executed.

All limit orders placed for Australian-listed Securities will expire 30 days after the order is placed via the Superhero Platform unless the security has a fixed expiry date set by the Exchange.

Stop Loss Orders:

A stop loss order is an instruction to commence selling a stock once the share price reaches a specified price, known as the ‘trigger’ price.This is usually a price significantly lower than the current market price (or purchase price).

When the ‘trigger’ price is reached, a stop loss order triggers a market to limit sell order. For market to limit sell orders, an order will be placed at the price set by the highest buyer in the market at the time the order is placed and remains at that price until the order trades, or expires.

Stop loss orders are currently available for AU securities only and remain valid for up to 180 days from the date the order is placed unless the security has a fixed expiry date set by the Exchange.

Recurring Orders:

A recurring order is a standing instruction to regularly repeat an order to buy a particular financial product.

Recurring orders are placed as a Market Order based on the frequency you choose.
All US and AU recurring orders will expire 30 days after the order is placed in the market unless the security has a fixed expiry date set by the Exchange.

What is the minimum order size?

The minimum order size when buying AU shares is A$10 and the minimum order size when buying US shares US$10.

Sell orders can be below $10 if your holding value is less than $10.

How do I place a Market Order?

If you want to place a buy order, ensure there is sufficient funds in your Superhero Wallet. If you want to place a sell order, you must already hold the security.
Go to the ‘Discover’ tab to find the stock you want to trade.
Once you have selected the security select ‘Buy’ or ‘Sell’.
Select ‘Market Order’ as your order type.
Enter the specific dollar amount you wish to invest or receive.
Confirm the order and it will execute at the best available price in the market.

How do I place a Limit Order?

Find the stock you want to trade and choose to either ‘Buy’ or ‘Sell’.
Select ‘Limit Order’’ as your order type.
Enter the maximum price you’re willing to pay (for buys) or the minimum price you’re willing to accept (for sells).
Enter the number of shares you want to trade.
Confirm the order’s validity; Limit Orders on Superhero remain active for a maximum of 30 days.
Double-check the details and place the order.

How do I place a Stop Loss Order?

Choose a holding from your portfolio and set ‘Order Type’ to ‘Stop Loss Order’.
Set the trigger price. This is the price at or below which your shares or ETF units will begin to sell.
Choose the number of units you would want to sell in case the price falls to or below the trigger.
Tap ‘Review’ and check the details of your new Stop Loss Order.
If you’re happy with it, submit it. You can always edit or delete the order later from your dashboard under the ‘Pending’ tab.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

How do I place a recurring (auto-invest) order?

Auto-invest can be set up within your Superhero account.

You can set up recurring buy orders for Australian or U.S. share within Superhero:

Log in to your Superhero account.
Deposit funds into your Wallet.
Find the share you want to invest in from the ‘invest’ table or the search bar and select ‘Buy’.
Select the ‘Recurring Order’ option and set up your investment amount and schedule.
Confirm your order.

Your recurring order/s will be placed as a market order as soon as the market opens on a regular market-open trading day.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

Can I cancel my order?

You can cancel your order provided it has not yet traded in the market.

If you wish to cancel your order, log into your Superhero account and click on the ‘Activity’ tab followed by ‘Orders’ on the web app.

If you cancel your order before the order fills you will not be charged any brokerage fees.

How do I know when my order has been filled?

Once your order has been executed we will send you a text message or push confirmation.

Where can I find the Trade Confirmation for my order?

Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.

Can I amend my order?

No, Limit and Market Orders cannot be amended once they are placed. If you would like to change your order, please cancel it and replace your order. Market Orders will usually execute immediately.

Are orders executed in real time?

Your trades are executed in real-time during market opening hours.

ASX 10:00am – 4:00pm Sydney Time

U.S. 9:30am – 4:00pm U.S. Eastern Standard Time (EST)

You will always get the benefit of our Market Participant’s Best Execution Policy.

Can I trade in fractional shares?

Yes, fractional trading is supported by our U.S. brokerage and execution service and is permitted on the Superhero platform.

Fractional shares are not available on AU shares.

Fractional shares are not transferable to other brokerage accounts. Not all U.S. securities are eligible for fractional share orders.

Can I place a limit order for a fractional share?

For some US shares you will be able to place a limit order for a fractional number of securities at a specified price or better.