Yep, pretty sure it’s not at the exact time, but from there on depending on the stock.
Maybe give the execution policy etc. a look:
You should be conscious to accept the risk associated with this type of instruction. Freetrade will not be liable for losses incurred due to the selection of the Basic Order type, save any assessment made by us that we have fallen short of our best execution obligations.
Despite your snarky response, it’s more about having complete trust in a platform to execute trades on time - buy and sell. If they cannot - due to processing inefficiencies, that does not bode well for investments. Especially a platform like this, not as established as HL or Fidelity or Vanguard or even eToro.
These are basic business principles. Think through your post next time.
I mean that is when the market opens but when you pre-order it doesn’t order at 2.30. You could set alarm for any time, it was just an example time as you mentioned the pre market price so I assumed you wanted closest to that possible. It could still have changed lots by then though of course.
The price at which a Basic Order is executed will depend on the prevailing market price at the time the trade is executed. This may work to your advantage or disadvantage due to the inherent nature of a moving market.
If you want to buy at a specific price, you have to use limit orders which are only available with Plus.
Using a market order can be a lottery at the best of times, when the price is highly volatile, it’s simply not worth sticking to market orders. It’s unfortunate your order was delayed. Probably the system was really busy at the time - just after a market opens, orders can be incredibly slow. With a limit order, at least you know your order will either not complete or you will get the price you asked for or better.
If has nothing to do with timing the market or not. When placing a market order, you have no control over the price. If you want control over the price, you must use a limit order. As I said, in a volatile market, the price can fluctuate wildly, and using a market order is not recommended for that reason. Also, on a low volume stock, you’re more likely to hit someone else’s limit order at the price they want, not necessarily the price you want.