What Is a Limit Order for US Stocks on Pluang?
A Limit Order lets you buy or sell a US Stock at a price you set — your limit price — or better, rather than accepting whatever the market happens to offer at that moment. On a buy, the limit price is the highest price you are willing to pay, so the order fills at that price or lower; on a sell, it is the lowest price you will accept, so it fills at that price or higher. That makes the price guaranteed while the execution is not: if the market never reaches your limit, the order simply expires unfilled and any reserved USD balance is returned automatically. You choose how long it stays active — DAY, which runs until the next market close, or GTC, which runs up to 30 calendar days. Limit Orders work during Regular Market hours and are also the only order type the 24-Hour Market accepts.
- How it works: you set a limit price and the order fills only at that price or better, never worse, on both buys and sells
- Buy versus sell: on a buy your limit is the maximum you will pay; on a sell it is the minimum you will accept
- Price guaranteed, execution is not: the order can sit unfilled indefinitely if the market never reaches your limit
- Validity choices: DAY (until the next market close) or GTC (up to 30 calendar days, whole shares only)
- Where it works: Regular Market hours plus every 24-Hour Market session — the only order type the extended sessions accept
- Transaction minimums: $1.50 to buy and $0.40 to sell
Related questions:
Q: How is a Limit Order different from a Market Order?
A Market Order fills immediately at whatever price is available, so execution is effectively guaranteed but the price is not. A Limit Order is the mirror image: it fills only at your limit price or better, so the price is guaranteed but the fill is not. Market Orders also carry a lower $1.00 buy minimum and DAY validity only, while a Limit Order can be set to either DAY or GTC.
Q: What happens if the market never reaches my limit price?
The order expires according to the validity you chose. A DAY order cancels automatically once the market closes without filling, and a GTC order cancels automatically after 30 calendar days if the price never touches your limit. Either way, any USD balance or margin reserved for that order is returned to your account automatically — you do not need to request it back or contact Pluang Care.
Q: Can I place a fractional Limit Order?
Yes, but only with DAY validity. Fractional dollar-based purchases are supported on DAY orders, while GTC orders have to be placed in whole shares. So if you want to buy a partial share of an expensive stock with a limit price attached, choose DAY rather than GTC when you set the order up, because the GTC option will require a whole-share quantity instead.
Q: What is the minimum size for a Limit Order?
$1.50 to buy and $0.40 to sell, matching Pluang's transaction minimums for Limit, Stop, and Stop-Limit Orders. That buy minimum sits slightly above the $1.00 applied to Market Orders, reflecting that a Limit Order can rest unfilled for far longer before it triggers. The same figures apply during Regular Market hours and in the 24-Hour Market's extended sessions.