Brokerage Orders
- Placing brokerage orders: What to know before you begin
- Can I place orders when markets are closed?
- What commissions & fees apply to online brokerage transactions?
- What are the risks of trading in volatile markets?
- What is a market order?
- What is a limit order?
- What is a stop order?
- What is a trailing stop order?
- What is a conditional order?
- Placing an order
- Settling an order
Placing brokerage orders: What to know before you begin
You can place most stock, option, mutual fund, Exchange Traded Funds (ETF), and fixed income orders on Fidelity.com, and enjoy commission savings over Fidelity Automated Service Telephone (FAST®) or representative-assisted trades. To settle trades you must have a sufficient balance in your Core account or available margin.
Can I place orders when markets are closed?
You can place your brokerage orders when markets are opened or closed. However, orders placed when the markets are closed are subject to market conditions existing when the markets reopen unless trades are made during an extended hours session. Any equity requirement necessary for trade approval will be based upon the most recent closing price of the security that you intend to buy or sell. Because of fluctuating conditions, the ultimate execution price may differ at times from the most recent closing price.
Please use caution when placing orders while the market is closed. Securities may open sharply below or above where they closed the previous day. Fidelity reserves the right to refuse to accept any opening transaction for any reason, at its sole discretion.
See more information about trading during extended hours.
What commissions & fees apply to online brokerage transactions?
- Online U.S. equity trades are $7.95 (unlimited number of shares)
- Online options trades are $7.95 + $0.75 per contract
Calculate the estimated commission for a trade you'd like to place with Fidelity. For a complete commission schedule, see the Fidelity Brokerage Commission and Fee Schedule available on the Brokerage Commissions, Margin Rates and Fees page or see Fidelity's Full Commission & Fee Schedule(PDF) 
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What are the risks of trading in volatile markets?
Volatile markets can present higher trading risks, especially when you are using electronic services to access information or place orders.
- Consider placing limit orders instead of market orders. In certain market conditions, or with certain types of securities offerings (such as IPOs and financial stocks), price changes may be significant and rapid during regular or after-hours trading. In these cases, placing a market order could result in a transaction that exceeds your available funds, meaning that Fidelity would have the right to sell other assets in your account to cover any outstanding debt. This is a particular risk in accounts that you cannot easily add money to, such as retirement accounts.
- Be aware that quotes, order executions, and execution reports could be delayed. During periods of heavy trading or volatility, quotes that are provided as "real time" may be stale - even if they appear not to be - and you may not receive every quote update. Security prices can change dramatically during such delays.
- When canceling an order, be sure your original order is actually cancelled (Verified Canceled order status) before entering a replacement order. Don't rely on a receipt for your cancellation order: that order may have arrived too late for us to act on. Cancellation requests are handled on a best-efforts basis.
- Use other ways to access Fidelity during peak volume times. System availability and response time may be subject to market conditions. If you are having problems reaching us one way, try another. Alternate ways to contact Fidelity.
The chances of encountering these risks are higher for individuals using day trading strategies. In part for this reason, Fidelity does not promote day-trading strategies. For more information on trading risks and how to manage them, contact Fidelity.
What is a market order?
A market order instructs us to buy or sell securities for your account at the next available price. A market order remains in effect only for the day, and usually results in the prompt purchase or sale of all the shares of stock, option contracts or bonds in question, as long as the security is actively traded and market conditions permit.
Note: In order to maintain a fair and orderly market, most market centers generally do not accept cancellation requests after 9:28am ET for market orders eligible for execution at the open - 9:30am ET. Acceptance of a cancellation request by Fidelity between 9:28 - 9:30am ET does not guarantee an order cancellation. All requests to cancel an order are processed on a best-efforts basis.
What is a limit order?
When you place a limit order to buy, the stock is eligible to be purchased at or below your limit price, but never above it.
You may place limit orders either for the day on which they are entered (a Day order), or for a period that ends when it is executed or when you cancel (an open order or Good 'til Canceled (GTC) order)
Please note: All open GTC orders will expire 120 calendar days after they are placed. If the 120th day falls on a weekend or holiday, those orders will expire on the first business day following the expiration day. This policy does not apply to options.
Orders at each price level are filled in a sequence that is determined by the rules of the various market centers; therefore, there can be no assurance that all orders at a particular price limit (including yours) will be filled when that price is reached. Such orders are also subject to the existence of a market for that security. Thus, the fact that your price limit was reached does not guarantee an execution. See more about Trading in a Volatile Market.
Limit orders for more than 100 shares or for multiple round lots (200, 300, 400, etc.) may be filled completely or in part until completed. It may take more than one trading day to completely fill a multiple round lot or mixed lot order unless the order is designated as one of the following types:
- All or None (fill the whole order or no part of it). When you place an all-or-none designation on your order, it is considered restricted. The stock can trade at or below your price on a buy, or at or above on a sell, without the right to execution, unless the entire amount of your order is executable.
- Immediate or Cancel (fill the whole order or any part immediately, and cancel any unfilled balance).
- Fill or Kill (fill the entire order immediately or cancel it).
Please note: You may only place Day limit orders for short sales, multi-leg option orders such as spreads and straddles, unlisted corporate bonds and Treasuries, mortgage-backed and agency bonds, and CMOs. We do not accept limit orders for municipal bonds, commercial paper, UITs, CDs or mutual funds.
What is a stop order?
Stop orders are generally used to protect a profit or to prevent further loss if the price of a security moves against you. They can also be used to establish a position in a security if it reaches a certain price threshold or to close a short position.
Types of Stop Orders
- There are two types of stop orders: Stop loss and Stop limit. A Stop loss order automatically becomes a Market order when the stop price is reached. Therefore, there is no guarantee that your order will be executed at the stop price.
- A Stop limit order automatically becomes a Limit order when the stop price is reached. Like any Limit order, a Stop limit order may be filled in whole, in part, or not at all, depending on the number of shares available for sale or purchase at the time.
- Buy stop loss and buy stop limit orders must be entered at a price which is above the current market price. Sell stop loss and sell stop limit orders must be entered at a price which is below the current market price.
How Stop Orders are triggered
- For Listed securities, AFTER the primary exchange opens, a stop order to buy becomes a market order when the stock is offered (National Best Offer quotation) at or higher than the specified stop price. A stop order to sell becomes a market order when the stock is bid (National Best Bid quotation) at or lower than the specified stop price. Listed securities should not trigger until the primary opening print.
Note: orders routed directly to the NYSE or AMEX will be triggered by prints on these exchanges.
- For Nasdaq Listed securities, generally, a stop order to buy becomes a market order when the stock is offered (National Best Offer quotation) at or higher than the specified stop price. A stop order to sell becomes a market order when the stock is bid (National Best Bid quotation) at or lower than the specified stop price.
- For Options, generally a stop order to buy becomes a market order when the bid price is at or above the stop price, or the option trades at or above the stop price. A stop order to sell becomes a market order when the ask price is at or below the stop price, or when the option trades at or below the stop price. The option stop election is based on the exchange's best bid or offer (BBO) where the stop order resides.
Dividend Distributions
Although different exchange rules may exist for adjusting orders when a security pays a dividend, the general rule is that Good till Canceled (GTC) orders below the market are adjusted for the dividend amount. The price of your order will be automatically reduced on the "ex-dividend" date by approximately the amount of the upcoming dividend unless you note it as a Do Not Reduce (DNR) when you place the order. Orders below the market include: buy limit, sell stop loss, sell stop limit, sell trailing stop loss, sell trailing stop limit.
Additional Information
The specialists on the various exchanges and market makers have the right to refuse stop orders under certain market conditions. Not all securities or trading session (pre and post market) are eligible for stop orders.
It is important for investors to understand that company news or market conditions can have a significant impact on the price of a security. This could result in a Stop Loss Order being executed at a price that is dramatically different than what your Stop Loss price indicates.
What is a trailing stop order?
A trailing stop order is either a stop loss or stop limit order in which the price of the stop adjusts automatically when market conditions move in your favor. It can help you protect profits while also providing downside protection. With a trailing stop order you do not have to manage your open stop orders by constantly adjusting for price changes.
Learn more about trailing stop orders.
Important information regarding Conditional and Trailing Stop Orders
What is a conditional order?
Conditional orders allow you to set order triggers for stocks and options based on the price movement of stocks or indices. There are 4 types of conditional orders: Contingent, Multi-Contingent, One-Triggers-the-Other (OTO) and One-Cancels-the-Other (OCO).
Contingent order - Triggers an equity or option order based on any one of eight trigger values for any stock or up to 40 selected indices.
Multi-Contingent order - triggers an equity or option order based on a combination of two trigger values for any stock or up to 40 selected indices. The criteria can be linked by "And at the same time", "Or", "Then".
One-Triggers-the-Other (OTO) - An order that creates both a primary and a secondary order. If the primary order executes, the secondary order automatically triggers. A One-Triggers-the-Other order can help you save time: place a buy order as your primary order and a corresponding sell limit, sell stop or sell trailing stop at the same time. Or, if you trade options regularly, use a One Triggers the Other order to leg into a buy-write or covered call position.
One-Cancels-the-Other (OCO) - Two orders are live so that if either executes, the other is automatically triggered to cancel.
Learn more about conditional orders.
Important information regarding Conditional and Trailing Stop Orders
Placing an order
- How do I enter an order?
- How do I preview an order?
- How is my order confirmed?
- How do I review orders I have placed?
- How do I cancel an order?
How do I enter an order?
Log in to Accounts & Trade > Trade to select an account, symbol and order type and start your order. See examples of order process screens . This page will open in a popup window..
How do I preview an order?
Before you submit an order online, a preview screen (Trade Verification page) allows you to review all the details of the order. You can edit or cancel the order before submitting it. See examples of order process screens . This page will open in a popup window..
How is my order confirmed?
Once your order is placed, you'll see an order confirmation screen (see an example below) which contains your order number and trade details. You can print this confirmation for your records, or view it online after your order is placed. You can also receive a trade confirmation via e-mail.
The Order Status page is updated as soon as the order is executed. The trade confirmation is available online, on the next business day after execution of any buy or sell order, on Accounts & Trade > Statements (requires log in). It can be also mailed to you or sent by e-mail.
If you do not have sufficient funds in your Core account, you should not wait for the confirmation to reach you before mailing your payment or securities. Once you view or receive your confirmation, examine it carefully and advise us of any discrepancy immediately. See examples of order process screens . This page will open in a popup window..
How do I review orders I have placed?
Once you have placed an order, you can view its status online. Log into Accounts & Trade > Account Positions and select Orders from the drop down menu for your account (requires log in). You can also view history under your account or set up an alert to receive execution notifications. See examples of order process screens . This page will open in a popup window..
How do I cancel an order?
If the order has not yet executed, you can attempt to either cancel, or cancel and replace it. You can cancel an order by logging into Accounts & Accounts & Trade > Portfolio and selecting Orders from the Select Actions drop down menu for the account.
About Canceling and Replacing: Orders are not canceled automatically by an identical order or an order at a different price for the same security. You must cancel a previous order if you place a substitute order1. Fidelity cannot be responsible for any executed orders that you fail to cancel. A transaction resulting from a failure to cancel such an order will be applied to your account, and you will be responsible. Also, an attempt to cancel an order is subject to previous execution of that order. Cancellation requests are handled on a best-efforts basis.
Fidelity reserves the right (but is not obligated) to cancel open orders when the limit price becomes unrealistic in relation to the market price. A cancellation notice will be mailed to you promptly in this event, and you may place a new order if you wish. Additional market conditions may warrant a cancellation of your order without prior notification. Some examples include, but are not limited to, exchange rulings, stock delistments, erroneous executions, stock halts or other abnormal market conditions. Establish an alert to have notifications of trade events, including cancellations, emailed to you or sent to your mobile device.
Confirmation of a cancellation order does not necessarily mean the previous order has been canceled, only that an attempt to cancel the order has been placed. All orders pending cancellation are subject to previous execution of the original order. Cancellation requests are handled on a best-efforts basis. See examples of order process screens . This page will open in a popup window..
Settling an order
- How do I receive proceeds from sales?
- How do I pay for trades?
- How do I deposit securities?
- Settlement dates
How do I receive proceeds from sales?
Fidelity will credit the proceeds of a sale to your Core account on the settlement date. Proceeds will automatically be used to pay down any margin debt if you have any, and the balance will remain in your Core account. You may also have a check for the proceeds mailed to you. Brokerage customers with checkwriting may write checks against the proceeds of a sale on or after the settlement date. This amount is reflected in the Cash Available to Withdraw balance.
See Checkwriting, Deposits, and Withdrawals for more details.
How do I pay for trades?
Retirement Accounts: Trades placed in retirement accounts must be paid for from assets present in the Core account at the time of placing the trade.
Brokerage Accounts: Trades placed in a brokerage account are settled according to these rules:
- We will settle the trade with the balance in your Core account if no other funds are received.
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If your Core account balance is too low to cover the trade, you may:
- Add funds to your Core account
- Pay for your trade with your margin account, if you have one.1 Your margin account will be used automatically if it contains sufficient marginable securities to pay for your purchase.
To avoid using your Core account balance to settle a trade, deposit additional money via electronic funds transfer, a check, or a wire transfer to Fidelity. For detailed instructions and online forms, see: Checkwriting, Deposits, and Withdrawals.
Fidelity reserves the right to require 100% of the purchase price in your account to cover special purchases or first-time trades (e.g., stocks under $5, one-day-settlement products). Retirement accounts are not eligible for margin.
How do I deposit securities to my Fidelity Account?
- Endorse the certificates exactly as they are registered on the face. The registration must correspond with the name as shown on your brokerage account.
- Write "to National Financial Services LLC" on the line between "appoint" and "attorney" on the back of your certificate. (National Financial Services LLC is the clearing agent for Fidelity Investments.)
- Write your brokerage account number on the top right face of the certificates.
- Only originals (no photocopies) are acceptable. Make sure to keep all paperwork together in the same package.
- Send the certificates to this address:
Fidelity Investments
Attn: Banking Services
Mail Zone KC1N
100 Crosby Parkway
Covington, KY 41015
For security, you may send your certificates by registered mail.
Securities not in a good order
Securities that are not in good order are not negotiable, and proceeds from their sale cannot be released to you until the certificates have cleared transfer.
Settlement Dates
The settlement date is the day on which payment for securities bought or certificates for securities sold must be in your account. Settlement dates vary from investment to investment; please see the table below for details.1
- When you buy a security, payment must reach Fidelity by the settlement date.
- When you sell a security, Fidelity will credit your account for the sale on the settlement date.
- For options and other securities settling in one day, you must have sufficient cash or margin equity in your account when your order is placed.
More settlement time details are in the following table. Note: Some security types listed in the table may not be traded online.
Settlement Times by Security Type
