The article explains that a Limit Order on the OFX platform allows you to automatically convert currency when your chosen exchange rate is met, giving you more control over your foreign exchange transactions without needing to monitor the market. It highlights the benefits of using Limit Orders for convenience and automation in managing...
A Limit Order with OFX lets you automatically convert currency when your chosen exchange rate is reached, giving you control over your FX transactions without constant market monitoring. You can set target rates for multiple currencies, and there are no extra fees or deposits required. Limit Orders are most effective as part of a broader...
Once your Limit Order target rate is reached, OFX will notify you and automatically process the currency conversion. If your account has enough funds, the transaction is completed; if not, you have up to 3 business days to fund your account before the order may be cancelled.
You can cancel or change your Limit Order at any time before your target rate is reached. Once the target rate is met, the order becomes legally binding and cannot be cancelled. If you don’t pay within 3 business days after expiry, OFX may cancel the order and you could be liable for losses. The article also mentions alternative FX...