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Limit Orders and How to Save on the Spread
Key takeaways
- A market order executes immediately but at the current market price — which may be unfavorable.
- A limit order defines the maximum price you're willing to pay to buy (or the minimum for a sale).
- Buying ETFs outside core trading hours can mean a significantly wider spread.
- Limit orders are the standard choice for ETFs — they protect you from unexpected price slippage.
A limit order is an instruction to a broker to buy (or sell) a security only at a specific price or better — as opposed to a market order, which buys immediately at whatever the current price is.
Market vs. limit order
A market order guarantees execution but not the price. A limit order guarantees the price but not execution — if the market never reaches your price, the order remains unfilled.
- Market order: you buy immediately at the ask price. If the spread is 0.5% at that moment, you pay 0.5% above the mid-price.
- Buy limit order: you set a maximum price. The order executes only if the ask price falls to or below your limit.
- Sell limit order: you set a minimum price. The order executes only if the bid price rises to or above your limit.
Spread and trading hours
For large ETFs (MSCI World, S&P 500), the spread during core trading hours is minimal — typically 0.01–0.05%. Outside trading hours — before the open or after the close — the spread can widen to 0.5–2%. A market order outside trading hours can therefore needlessly cost you a percentage point of value.
When to use a market order
A market order makes sense if you're buying a highly liquid ETF during core trading hours with a tight spread. In that case, speed and certainty of execution are the advantages, with no risk of non-execution. For less liquid instruments or outside trading hours, always prefer a limit order.
Connection to the overall strategy
Order choice is a small but recurring cost. Combined with other layers — TER, forex fee, commissions — it builds the total cost profile. More about how ETF instruments work and how to compare them in our guide.
FAQ
What is a limit order in simple terms?
An instruction to a broker to buy or sell at a specific price or better. A buy limit order says: "buy only if the price falls to X or below." A sell limit order says: "sell only if the price rises to X or above."
Why not always use a market order?
A market order buys at the current ask price regardless of how wide the spread is at that moment. Outside trading hours or for less liquid instruments, this can mean paying significantly above fair value.
Can a limit order go unfilled?
Yes. If the price never reaches your limit, the order expires. For regular DCA purchases, therefore, set the limit just above the current price — you minimize the risk of non-execution while protecting yourself against spread spikes.
Do limit orders apply to ETF savings plans?
Savings plans (automatic investment plans) typically execute as market orders at a set time. Most brokers do not allow limit orders within savings plans. For larger one-off purchases, always choose a limit order.